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VanEck, recognized for launching one of the earliest spot Bitcoin ETFs in the U.S., has now submitted an application for a Solana-based ETF. Matthew Sigel, VanEck’s head of digital assets research, shared news of the application via X on June 27, revealing that the filing with the U.S. Securities and Exchange Commission was for the newly proposed VanEck Solana Trust.
Sigel described the trust as designed to leverage the decentralized, highly utilitarian, and economically viable characteristics of Solana. He emphasized that this is the first proposal for a Solana ETF in the country.
In his X post, Sigel offered insights into the firm’s perspective on the Solana token, SOL, comparing its functionality to established digital commodities such as Bitcoin and Ether. He explained, “SOL serves a similar purpose in its ecosystem, being used for transaction fees and computing services on the blockchain, akin to ether on the Ethereum network, and can be exchanged or utilized in direct transactions.”
The proposal details that, pending SEC approval, the VanEck Solana Trust would be listed on the Cboe BZX Exchange.
The primary goal of the VanEck Solana Trust is to mirror the price movements of Solana’s cryptocurrency, subtracting the operational expenses of the trust. Daily valuations of the trust’s shares would be conducted using the MarketVector Solana Benchmark Rate index. This index sources its data from what MarketVector deems the five leading SOL trading platforms, based on the comprehensive CCData Centralized Exchange Benchmark review report.
This move by VanEck follows closely on the heels of the SEC’s recent approval of spot Ether ETFs in the U.S., which occurred on May 23, 2024. This decision effectively settled prolonged debates over the classification of ETH, acknowledging it as a commodity rather than a security. Furthermore, on June 19, the SEC concluded an inquiry into Ether’s status as a security, ending speculation about its regulatory treatment.
