New York, NY, Friday, June 28, 2024-In a move signaling broader acceptance of cryptocurrencies, VanEck, a New York-based investment firm, filed a proposal with the Securities and Exchange Commission (SEC) to launch the first-ever U.S. exchange-traded fund (ETF) for Solana (SOL). 1
The VanEck Solana Trust, if approved, would offer investors direct exposure to SOL, the native token of the Solana blockchain platform.
The fund’s shares would be valued daily based on prices from trading venues selected by MarketVector, a third-party service provider.
This structure allows investors to gain exposure to Solana through traditional brokerage accounts, potentially mitigating some of the risks associated with directly holding cryptocurrency on crypto exchanges.
VanEck’s filing comes on the heels of the SEC’s recent approval of several Bitcoin ETFs and growing anticipation for the approval of spot Ethereum ETFs, including one proposed by VanEck themselves.
The news seemingly buoyed the Solana market, with SOL prices rising 8% in the past 24 hours.
The filing can be read here.
- sec.gov: https://www.sec.gov/Archives/edgar/data/2028541/000162828024030249/vanecksolanatrusts-1.htm[↩]
