In a major development for the cryptocurrency industry, investment firm VanEck has filed a proposal to launch a spot Solana (SOL)-based exchange-traded fund (ETF) on June 27. The S-1 document for a Solana ETF has been filed with the U.S. Securities and Exchange Commission (SEC).

The move comes after the SEC approved Bitcoin ETFs in January and gave the green light to Ethereum ETFs in late May in a surprising turn of events.

The VanEck Solana Trust is expected to provide direct exposure to the Solana cryptocurrency. According to the document presented by the asset manager, the shares will be valued every day, based on prices extracted from trading platforms selected by MarketVector.

“The VanEck Solana Trust is an exchange-traded fund that issues common shares of beneficial interest that are expected to be approved for listing, subject to notice of issuance, on the Cboe BZX Exchange, Inc. The investment objective of the Trust is to reflect price performance of Solana (“SOL”) less the expenses of the Trust’s operations. In pursuit of achieving its investment objective, the Trust will hold SOL and value its Shares daily based on the MarketVector Reference Rate”, says part of the document.

It is worth noting that the growing expectation surrounding the approval of Spot Ethereum exchange-traded funds (ETFs) has shaken up the cryptocurrency market, with eyes turning to Solana (SOL) as the next potential candidate for this financial innovation.

Solana’s price reacted to the latest market movements. After the information SOL rose more than 7%. At the time of publication, the price of Solana was quoted at US$148.55, up 7.8% in the last 24 hours. 6.4%

Solana Spot ETF Approval Outlook Grows

Daniel Yang, co-founder of Matrixport, is one of the influential voices who recently discussed the potential promising future of Solana in relation to ETFs. His statements come at a time when interest in this type of crypto product has increased significantly, thanks to recent regulatory moves.

Yang noted in a meeting with the Securities and Exchange Commission (SEC) suggesting Form 19b-4 updates for ETF issuers, a favorable environment is forming. Following these regulatory cues, the surge in the Ethereum to Bitcoin (ETH/BTC) pair suggests market optimism that could open doors for other cryptocurrencies like Solana. “What’s the big deal if the ETH ETF really gets approved in two days?… A better trade I will advocate is: ‘BUY SOL/ETH.’ This may sound absurd and is definitely unpopular. The reasons are: 1) SOL will be the next No. 1 in line if the ETH ETF gets approved,” Yang argued.


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


Leave a Reply