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You are at:Home » VanEck Files for First U.S. spot Solana ETF
Cryptocurrency

VanEck Files for First U.S. spot Solana ETF

Crypto Market Maker GSR today published a report on Solana which predicts that a spot Solana ETF is ‘just a matter of time’.
Arun ShakyawarBy Arun ShakyawarJune 27, 2024Updated:June 27, 2024No Comments2 Mins Read
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VanEck Files for First US spot Solana ETF
VanEck Files for First US spot Solana ETF
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VanEck has filed for the the first U.S. Solana ETF with the U.S. Securities and Exchange Commission (SEC) to launch an ETF tied to the spot price of Solana. This filing comes just months after the SEC’s landmark approvals for Bitcoin and Ether spot ETFs, signaling a more accommodative regulatory stance toward digital assets.

The proposed Solana ETF, which VanEck aims to list on the Cboe BZX Exchange, reflects a growing interest among traditional financial institutions in broader cryptocurrency markets.

This initiative follows closely on the heels of the SEC granting approvals for spot ETFs for Bitcoin in January and Ether in May.

ETFs allows investors to gain exposure to cryptocurrencies without the complexities of direct ownership, such as managing cryptographic keys and dealing with potential security risks associated with exchanges and digital wallets.

For traditional investors looking to diversify their portfolios with digital assets, these funds provide a regulated and familiar investment vehicle.

The interest in crypto-based ETFs has been notably rising, attracting major players like BlackRock, which currently operates the largest spot Bitcoin ETF.

VanEck has not yet revealed the fee structure for its Solana ETF.

The company already manages spot Bitcoin and Ether ETFs, which might give it a competitive edge in handling the intricacies of a Solana-based fund given its existing infrastructure and experience in the crypto ETF space.

The choice of Solana is noteworthy. Known for its high throughput and lower transaction costs compared to Ethereum, Solana has been gaining traction among developers and investors alike.

Crypto Market Maker GSR today published a report on Solana which predicts that a spot Solana ETF is ‘just a matter of time’. According to the report, SOL could gain from 1.4x to 8.9x upon approval of Solana ETF.

Read Also: Ethereum (ETH) Price Prediction 2024 2025 2026

Crypto ETF Solana VanEck
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Arun Shakyawar
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Arun Shakyawar is a Tech writer based out of Los Angeles. He holds an Engineering degree in Electronics and communications, and an MBA in marketing. He specializes in TMT. Before writing full-time, Arun worked as a management consultant with leading consulting firms. As a consultant he developed interest in blockchain technology, and now actively tracks blockchain and digital asset markets. Arun can be reached at arun@alexablockchain.com.

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