SOL Surges on VanEck Spot Solana ETF Filing – Crypto News – Crypto News
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SOL Surges on VanEck Spot Solana ETF Filing SOL Surges on VanEck Spot Solana ETF Filing

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SOL Surges on VanEck Spot Solana ETF Filing – Crypto News

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1 year ago

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VanEck filed an S-1 registration statement with the SEC to launch a spot exchange-traded fund investing in Solana.

The price of SOL has rocketed by 5% in a matter of minutes after VanEck, an investment management firm commanding $89.5 billion in assets, applied to launch a spot Solana ETF.

On July 27, VanEck filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the VanEck Solana Trust — an exchange-traded fund (ETF) that would directly invest in and hold Solana (SOL).

“The Trust’s investment objective is to reflect the performance of the price of Solana (‘SOL’) less the expenses of the Trust’s operations,” the filing said.“In seeking to achieve its investment objective, the Trust will hold SOL and will value its Shares daily.”

Notably, VanEck explicitly stated it does not plan on staking any of the prospective fund’s underlying SOL.

“Neither the Trust nor the Sponsor, the SOL Custodian, or any other person associated with the Trust will, directly or indirectly, engage in any action where any portion of the Trust’s SOL is used to earn staking rewards, to earn additional SOL or to generate income or other earnings.”

The price of SOL is up 6% in one hour, according to The Defiant’s crypto price feeds.

Spot Ether ETFs loom

The news comes after the SEC gave preliminary approval to spot Ethereum ETF applicants last month, and is expected to give a final greenlight to the funds’ S-1 registration statements by the end of Summer.

On July 26, Reuters reported that spot Ether ETFs could enter the market as soon as the first week of July.

Citing two anonymous “industry executives,” Reuters said the SEC is only requesting “minor… finishing touches” to applicants’ filings at this stage, meaning final approval is “probably not more than a week or two away”

Eric Balchunas, an ETF analyst at Bloomberg, tweeted that he is optimistic about the July 2 timeline.

“VanEck just filed an 8-A form for spot ETH, which is part of the process,” he said. “Notably, they filed their 8-A for spot Bitcoin exactly seven days before its launch. This is a good sign for our July 2 prediction.”

The SEC also allowed spot Bitcoin ETFs to begin trading in January. The second has since attracted cumulative inflows of $14.5 billion, according to Sosovalue.

Galaxy Research, a major digital asset analysis firm, predicts that spot Ether ETFs could attract $1 billion in net monthly inflows once trading begins.

“We expect the net inflows into ETH ETFs to be 20-50% of the net inflows into BTC ETFs over the first five months, with 30% as our target, implying $1 billion/month of net inflows,” said Galaxy analyst, Charles Yu.

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