The post VanEck Files for First Solana ETF in the US appeared on BitcoinEthereumNews.com.

VanEck has submitted an application to the SEC to launch the first spot Solana ETF in the United States, aiming to expand its cryptocurrency investment products and capitalize on Solana’s blockchain utility.  After ETH, BTC, Now SOL ETF VanEck, a notable pioneer in the cryptocurrency exchange-traded fund (ETF) market, has recently taken a significant step in its crypto ETF journey by filing an application for a Solana ETF with the U.S. Securities and Exchange Commission (SEC). The firm submitted an S-1 registration statement for its “VanEck Solana Trust” on Thursday, aiming to launch the first spot Solana (SOL) ETF in the United States. A First for Solana ETFs in the US According to VanEck’s head of digital asset research, Matthew Sigel, the company is breaking new ground as the first in the U.S. to apply for a Solana ETF. This move marks a notable progression in the cryptocurrency investment sector. As per the filing, VanEck emphasized that the Trust and its Sponsor will not engage in staking activities to earn additional SOL or generate other forms of income from the holdings. Announcement and Rationale Sigel, head of digital asset research at VanEck, announced the news on June 27 via the X platform. He highlighted that the new fund, named VanEck Solana Trust, aims to leverage the high utility and economic feasibility of the Solana blockchain.  Sigel remarked,  “We believe that the native token, SOL, functions similarly to other digital commodities like Bitcoin and Ether. It is used to pay transaction fees and computational services on the blockchain. Like Ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.” Investment Product Expansion This application signifies VanEck’s continued efforts to expand its cryptocurrency investment products. The firm views SOL as a commodity despite the…

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Filed under: News - @ June 30, 2024 10:26 am