Asset manager VanEck has taken a significant step toward launching a Solana exchange-traded fund (ETF) in the United States. The company filed an S-1 registration form with the U.S. Securities and Exchange Commission (SEC), making it the first such registration for a Solana ETF in the U.S. market.
VanEck’s move comes shortly after Canadian firm 3iQ filed for a similar Solana product. The filing reflects growing interest in Solana as an investment option due to its combination of high throughput, low fees, robust security, and a strong community vibe. The SEC’s recent approval of spot Ether ETFs further supports the case for Solana as a potential commodity investment.
Direct Exposure to SOL Token
This application will be the first investment product in the U.S. that will directly hold the SOL token. Previously, investors seeking exposure to Solana had limited options, but VanEck’s proposed ETF aims to change that. By providing access to the world’s fifth-largest cryptocurrency, this ETF opens doors for a significant amount of capital that was previously unable to invest directly in Solana.
VanEck’s Solana ETF, if approved, will achieve its investment objective by holding SOL tokens. The valuation of the ETF’s shares will be based on the reported MarketVectorTM Solana Benchmark Rate. This approach ensures transparency and accuracy in tracking Solana’s performance within the ETF structure.
Solana Price Surge
On the same day as VanEck’s filing, Solana’s price surged to $148.56, representing a 9.52% increase within 24 hours. Solana (SOL) has been gaining attention for its strong on-chain activity and parallels to other successful cryptocurrencies. The current CoinMarketCap ranking places Solana at #5, with a live market cap of $63.5 billion USD.
The source of this information is an official filing on the sec.gov’s Edgar archives, adding credibility to VanEck’s initiative. Moreover, it’s possible that other major players in the financial industry, such as BlackRock and Fidelity, might follow suit with similar actions, further validating Solana’s position as an attractive investment option.
Stay tuned for further developments as the SEC reviews VanEck’s proposal.
Sources:
https://www.coindesk.com/business/2024/06/27/vaneck-files-for-solana-etf-sol-rises-6/
https://www.sec.gov/Archives/edgar/data/2028541/000162828024030249/vanecksolanatrusts-1.htm
