VanEck, a leading investment manager, has filed with the U.S. Securities and Exchange Commission (SEC) to list the first exchange-traded fund (ETF) in the United States that tracks the spot price of the Solana cryptocurrency.
The proposed VanEck Solana Trust aims to reflect the performance of the price of Solana (SOL), excluding the expenses of operating the trust. VanEck plans to list the ETF on the Cboe BZX Exchange.
VanEck views Solana's native token, SOL, as a commodity similar to Bitcoin and Ether, as it is used to pay for transaction fees and computational services on the Solana blockchain. The trust will value its shares daily using the MarketVector Solana Benchmark Rate index, which is calculated based on prices from the top five SOL trading platforms.
The filing of the Solana ETF comes on the heels of the SEC's recent approvals of spot Bitcoin and Ether ETFs, signaling a growing regulatory acceptance of cryptocurrency-based investment products. If approved, the VanEck Solana Trust would provide investors with a new option to gain exposure to the Solana ecosystem through a regulated investment vehicle.