VanEck filed an S-1 registration statement with the SEC to launch a spot exchange-traded fund investing in Solana.<\/p>\n
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.<\/p>\n
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 \u2014 an exchange-traded fund (ETF) that would directly invest in and hold Solana (SOL).<\/p>\n
\u201cThe Trust’s investment objective is to reflect the performance of the price of Solana (\u2018SOL\u2019) less the expenses of the Trust’s operations,\u201d the filing said.\u201cIn seeking to achieve its investment objective, the Trust will hold SOL and will value its Shares daily.\u201d<\/p>\n
Notably, VanEck explicitly stated it does not plan on staking any of the prospective fund\u2019s underlying SOL.<\/p>\n
\u201cNeither 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.\u201d<\/p>\n
The price of SOL<\/a> is up 6% in one hour, according to The Defiant’s crypto price feeds<\/a>.<\/p>\n The news comes after the SEC gave preliminary approval to spot Ethereum ETF<\/a> applicants last month, and is expected to give a final greenlight to the funds\u2019 S-1 registration statements<\/a> by the end of Summer.<\/p>\n On July 26, Reuters reported<\/a> that spot Ether ETFs could enter the market as soon as the first week of July.<\/p>\n Citing two anonymous \u201cindustry executives,\u201d Reuters said the SEC is only requesting \u201cminor\u2026 finishing touches\u201d to applicants\u2019 filings at this stage, meaning final approval is \u201cprobably not more than a week or two away\u201d<\/p>\n Eric Balchunas, an ETF analyst at Bloomberg, tweeted that he is optimistic about the July 2 timeline.<\/p>\n \u201cVanEck just filed an 8-A form for spot ETH, which is part of the process,\u201d he said<\/a>. \u201cNotably, they filed their 8-A for spot Bitcoin exactly seven days before its launch. This is a good sign for our July 2 prediction.\u201d<\/p>\n The SEC also allowed spot Bitcoin ETFs<\/a> to begin trading in January. The second has since attracted cumulative inflows of $14.5 billion<\/a>, according to Sosovalue.<\/p>\nSpot Ether ETFs loom<\/h2>\n