The post Solana Pumps As VanEck Files for Spot Solana ETF appeared on BitcoinEthereumNews.com.

Solana has experienced a notable price increase of approximately 10% over the past week. This surge followed the announcement that VanEck, a pioneer in Bitcoin exchange-traded funds (ETFs), has filed for a spot Solana ETF with the SEC. This filing marks a significant development in the cryptocurrency investment landscape, highlighting growing institutional interest in Solana (SOL). VanEck’s Strategic Solana Move Solana surges on VanEck ETF announcement. Source: Brave New Coin Market Cap Table Matthew Sigel, VanEck’s Head of Digital Assets Research, announced on June 28th that the firm had officially submitted the ETF filing. Sigel elaborated on the rationale behind the move, stating, “We think this combination of high throughput, low fees, robust security, and a strong community vibe makes Solana an attractive option for an exchange-traded fund, offering investors exposure to a versatile and innovative open-source ecosystem.” VanEck’s confidence in Solana is evident as they assert that SOL can be viewed as a commodity similar to Bitcoin which has several established spot ETFs in the US and beyond. The proposed ETF, named the VanEck Solana Trust, aims to track the performance of SOL while excluding operational expenses. It is expected to be listed on the Cboe BZX Exchange and will value its shares daily using the MarketVector Solana Benchmark Rate index. This index is constructed based on prices from top Solana trading markets identified by MarketVector. Solana’s Unique Position Solana has garnered attention for its high-speed and low-cost transactions, making it a viable platform for deploying smart contracts and decentralized applications (dApps). Its unique method of ordering transactions, known as Proof of History (PoH), allows for higher throughput compared to other blockchain networks. This technology has positioned Solana as a preferred choice for launching meme coins such as BONK and conducting airdrops efficiently. The Solana blockchain is powered by…

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Filed under: News - @ July 1, 2024 7:14 am