VanEck files first Solana spot ETF application in the U.S.
The post VanEck files first Solana spot ETF application in the U.S. appeared on BitcoinEthereumNews.com.
Investment management company VanEck has announced its application for the first Solana spot ETF in the United States. VanEck claims that Solana offers a better user experience compared to Ethereum.The VanEck Solana Trust will be listed on the Cboe BZX Exchange. The primary objective of the VanEck Solana Trust is to mirror the price performance of Solana (SOL) after accounting for the Trust’s operational expenses. To achieve this, the Trust will hold SOL and value its Shares daily based on the MarketVectorTM Solana Benchmark Rate. Source:VanEck This rate is calculated from prices contributed by top SOL trading platforms, determined by MarketVector Indexes GmbH, an affiliate of the Trust’s Sponsor. The Trust has several key components. VanEck Digital Assets, LLC acts as the Sponsor, Delaware Trust Company is the Trustee, and a designated SOL Custodian will hold the Trust’s SOL. Importantly, the Trust will not engage in staking activities, meaning it won’t earn additional SOL or generate income through staking rewards. The Trust will continuously issue Shares and has registered an indeterminate number with the Securities and Exchange Commission (SEC). When the Trust sells or redeems its Shares, it will do so in blocks known as “Baskets.” These Baskets are based on the net asset value (NAV) of the Shares included, after deducting Sponsor fees and other expenses. “For a redemption in cash, the Sponsor shall arrange for the SOL represented by the Basket to be sold to a Liquidity Provider selected by the Sponsor and the cash proceeds distributed from the Trust’s account at the Cash Custodian to the Authorized Participant.” VanEck Currently, the Trust handles subscriptions and redemptions solely in cash. Authorized Participants (APs) will deliver cash to create Shares and receive cash upon redemption. The Trust’s Shares are registered with the SEC under the Securities Act of 1933…
Filed under: News - @ June 27, 2024 3:30 pm