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VanEck submitted Solana ETF

VanEck submitted Solana ETF

The New York investment firm VanEck, known as one of the first issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, has filed for a new Solana ETF.

Matthew Sigel, head of digital asset management at VanEck, announced on June 27 via X that the company has filed for a Solana ETF with the U.S. Securities and Exchange Commission (SEC). This new fund, called the VanEck Solana Trust, aims to capitalize on Solana‘s decentralized nature, high utility, and economic feasibility, according to Sigel. He mentioned that this is the first filing for a Solana ETF in the United States.

In his post, Sigel explained why the company considers SOL a commodity. He wrote: “We believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ethereum. It is used to pay for transaction fees and computational services on the blockchain. Like Ethereum on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.”

Context and outlook
VanEck‘s filing for a Solana ETF comes shortly after the U.S. SEC approved the launch of spot Ethereum ETFs on May 23, 2024. This approval ended long-running discussions about the status of ETH, recognizing it as a commodity rather than a security.

With these developments, VanEck continues to respond to the growing demand for regulated crypto products, providing investors with a new way to invest in the dynamic world of digital assets.