Solana

United

<p>Investment management company VanEck has announced its application for the first Solana spot ETF in the United States. VanEck claims that Solana offers a better user experience compared to Ethereum.The VanEck Solana Trust will be listed on the Cboe BZX Exchange.</p> 
<p>The primary objective of the VanEck Solana Trust is to mirror the price performance of Solana (SOL) after accounting for the Trust’s operational expenses. To achieve this, the Trust will hold SOL and value its Shares daily based on the MarketVectorTM Solana Benchmark Rate.</p> 
<figure id="attachment_547811" aria-describedby="caption-attachment-547811" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-547811 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/06/Screenshot-2024-06-27-at-14.43.25.jpg" alt="VanEck files first Solana spot ETF application in the U.S." width="1920" height="875" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/06/Screenshot-2024-06-27-at-14.43.25.jpg 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/Screenshot-2024-06-27-at-14.43.25-300x137.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/Screenshot-2024-06-27-at-14.43.25-1200x547.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/Screenshot-2024-06-27-at-14.43.25-768x350.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/Screenshot-2024-06-27-at-14.43.25-1536x700.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-547811" class="wp-caption-text">
  Source:<a href="https://www.sec.gov/Archives/edgar/data/2028541/000162828024030249/vanecksolanatrusts-1.htm#i612cc968c8784feb92c62d9b0fb1182d_829" rel="nofollow noopener" target="_blank">VanEck</a>
 </figcaption>
</figure> 
<p>This rate is calculated from prices contributed by top SOL trading platforms, determined by MarketVector Indexes GmbH, an affiliate of the Trust’s Sponsor.</p> 
<p>The Trust has several key components. VanEck Digital Assets, LLC acts as the Sponsor, Delaware Trust Company is the Trustee, and a designated SOL Custodian will hold the Trust’s SOL.</p> 
<p>Importantly, the Trust will not engage in staking activities, meaning it won’t earn additional SOL or generate income through staking rewards.</p> 
<p>The Trust will continuously issue Shares and has registered an indeterminate number with the Securities and Exchange Commission (SEC). When the Trust sells or redeems its Shares, it will do so in blocks known as “Baskets.” These Baskets are based on the net asset value (NAV) of the Shares included, after deducting Sponsor fees and other expenses.</p> 
<blockquote>
 <p><strong>“For a redemption in cash, the Sponsor shall arrange for the SOL represented by the Basket to be sold to a Liquidity Provider selected by the Sponsor and the cash proceeds distributed from the Trust’s account at the Cash Custodian to the Authorized Participant.”</strong></p> 
 <p>VanEck</p>
</blockquote> 
<p>Currently, the Trust handles subscriptions and redemptions solely in cash. Authorized Participants (APs) will deliver cash to create Shares and receive cash upon redemption.</p> 
<p>The Trust’s Shares are registered with the SEC under the Securities Act of 1933 but are not regulated under the Investment Company Act of 1940.</p> 
<p>Additionally, the Trust isn’t a commodity pool under the Commodity Exchange Act, and its Sponsor isn’t regulated by the Commodity Futures Trading Commission (CFTC). VanEck already offers a Bitcoin spot ETF and is awaiting SEC approval for an Ethereum spot ETF.</p> 
<div class="flex flex-grow flex-col max-w-full"> 
 <div class="min-h-[20px] text-message flex flex-col items-start whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 juice:w-full juice:items-end overflow-x-auto gap-2" dir="auto" data-message-author-role="assistant" data-message-id="bb40baaf-2fed-4fcd-8379-1d6fca6f55cc"> 
  <div class="flex w-full flex-col gap-1 juice:empty:hidden juice:first:pt-[3px]"> 
   <div class="markdown prose w-full break-words dark:prose-invert light"> 
    <p>But, SOL has some challenges in applying for a spot ETF. For instance, it doesn’t have a futures ETF like Bitcoin and Ethereum. Also, the SEC once said SOL is a security, which led Robinhood to remove SOL from its platform.</p> 
    <p>Bloomberg ETF analyst James Seyffart mentioned that it’s uncertain if the first Solana ETF application in the U.S. will lead to more from other issuers. If there’s new leadership at the White House and the SEC, the Solana ETF might launch by 2025.</p> 
   </div> 
  </div> 
 </div> 
</div>  
<p style="text-align: right"><em>Jai Hamid</em></p>

VanEck files first Solana spot ETF application in the U.S.

Cryptopolitan_News

Other articles published on Jun 27, 2024

Sealana Poised For Liftoff: Airdrop And Token Trading To Begin On July 2

Binance Adjusts SHIB Trading Pairs

Wall Street Embraces Altcoins with New Solana ETF: Pompliano

DeltaPrime Unveils $PRIME Token: Pioneering A New Standard In DeFi Governance And Utility

Bitcoin Price Prediction: As US Government Sends $240 Million BTC To Coinbase, This Learn-To-Earn...

This P2E Meme Coin Has Raised $5M Through Its ICO: Is PlayDoge Poised to Explode?

Join our free newsletter for daily crypto updates!