VanEck Files For First Spot Solana-Based ETF With SEC

Major Takeaways:

• On Thursday, VanEck, one of the first issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, has filed application for the first spot Solana ETF with SEC.
• The new fund, called the VanEck Solana Trust, targets to capitalize on Solana’s decentralized nature, high utility and economic feasibility.

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VanEck Files to List Frst Spot Solana ETF in US

On Thursday, VanEck filed to list the first U.S. exchange-traded fund (ETF) tied to the spot price of crypto token Solana.

“We believe the native token, SOL, functions similarly to other digital commodities such as bitcoin and ETH,” VanEck’s head of digital assets research, Matthew Sigel, wrote in a post on X arguing that SOL is a commodity, not a security.  “It is utilized to pay for transaction fees and computational services on the blockchain,” he wrote.

I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.

Some thoughts on why we believe SOL is a commodity are below.

Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed to… pic.twitter.com/XwwPy8BXV2

— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024

Sigel added that VanEck filed for a solana ETF because the blockchain acts as a competitor to Ethereum with a “unique combination of scalability, speed, and low costs.”

VanEck did not disclose the fees it would charge for the fund, but said it would be listed on the Cboe BZX Exchange.

The S-1 registration form lodged with the Securities and Exchange Commission (SEC), boosted the SOL token’s 24-hour gain to almost 8%.

Notably, SEC approved the first spot bitcoin (BTC) ETF in January, while an ether ETF appears to be on the near horizon. Besides, the application just shortly comes six days after 3iQ’s application for a Solana exchange-traded product (ETP) to be listed on the Toronto Stock Exchange in Canada, pending approval.

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Significance of VanEck’s application for First Spot Solana ETF

VanEck’s SOL filing marks a significant step for the asset and the industry as a whole.  Positioning SOL as a commodity puts the SEC on the defensive over its previous classification of SOL as a security. If approved in the US, the Solana ETF could enhance market liquidity and provide a new avenue for institutional and retail investors to gain exposure to the asset.

More importantly, analysts firmly believe that it could pave the way for more diverse crypto ETFs in the future. With another stake-able asset applying for an ETF, it will provide the SEC more impetus to clarify how exactly staking affects asset classification

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About VanEck

Founded in 1955, VanEck is an American asset management firm with a long history and a wide range of investments, especially in crypto digital asset management. VanEck has been known to be a first mover in crypto digital asset management with extensive experience and innovative products.

Notably, the asset manager was the first to file for a spot ether (ETH) ETF back in 2021, almost three years before the SEC began to engage with issuers that now include BlackRock, Fidelity, Ark Invest and others. An additional filing was lodged in September last year.

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About Solana (SOL)

Solana is a blockchain platform designed to host decentralized, scalable applications. Founded in 2017, it is an open-source project currently run by the Solana Foundation based in Geneva, while the blockchain was built by San Francisco-based Solana Labs.

Solana boasts impressive transaction speeds and scalability. Launched in 2020, SOL is the native digital asset to the Solana blockchain, developing to a significant player in the development of smart contracts. With a market capitalization of $61 billion, SOL is the fifth-largest cryptocurrency, trailing only Bitcoin, Ethereum, Tether, and Binance Coin.

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