- VanEck has filed for a Solana ETF.
- The asset manager is the first company to make such a filing.
- VanEck followed a similar process for Bitcoin and Ether ETFs.
Investment manager VanEck has filed an S-1 registration form with the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) tied to the spot price of Solana.
The move follows the SEC’s approval of spot Bitcoin and Ether ETFs on January 10 and May 23, respectively, paving the way for fund managers to mull issuing similar investment products tied to other crypto assets.
VanEck Solana ETF
According to the official filing with the SEC, the VanEck Solana Trust ETF issues common shares “that are expected to be approved for listing” following a notice of issuance on the Cboe BZX Exchange, Inc.
Sponsored
Matthew Sigel, head of digital assets research at VanEck, took to X (Twitter) to confirm the asset manager had filed the first Solana ETF and argue that SOL is a commodity, contrary to the SEC’s “label” when it sued Binance last year.
“SOL’s decentralized nature, high utility, and economic feasibility align with the characteristics of other established digital commodities, reinforcing our belief that SOL may be a valuable commodity with use cases for investors, builders, and entrepreneurs looking for alternatives to the duopoly app store,” Sigel stated.
Sigel further heralded Solana as a token that functions similarly to other established crypto assets, such as Bitcoin and Ether, used to pay transaction fees and facilitate computational services on the blockchain.
The fund manager has yet to decide the ticker symbol and the trading fees for the ETF. SOL jumped 7% to trade at $148.97 following the development, CoinMarketCap data shows.
Sponsored
Stay updated on Coinbase’s legal offensive against the SEC and FDIC:
Coinbase Sues SEC and FDIC over Crypto Information Requests
Read about the recent massive Bitcoin exodus from Coinbase:
Coinbase Suffers $500M Bitcoin Exodus as ETFs Gain Traction
