Breaking: VanEck Files Application For First Solana ETF With US SEC

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As an experienced financial analyst, I’m closely monitoring the latest development in the digital asset space, specifically the announcement made by investment firm VanEck regarding its application for a Solana exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This is a significant milestone, as VanEck is the first to file for a Solana ETF in the US.

VanEck, an investment firm, announced on Thursday that it has submitted an application to the U.S. Securities and Exchange Commission (SEC) for creating a Solana Investment Trust. This marks the initial move by VanEkk to launch a Solana-based exchange-traded fund (ETF), making it the first to do so.

I, as an analyst, can share that on June 27, I observed VanEck filing a Form S-1 with the U.S. Securities and Exchange Commission. In this filing, they applied to register a new exchange-traded fund named Solana Trust. This ETF aims to follow the price of Solana in the spot market.

Matthew Sigel, the head of digital asset research at VanEck, shared his enthusiasm over the launch of the first Solana-based exchange-traded fund (ETF) in the United States. In his perspective, Solana’s native token, SOL, serves a role similar to other popular digital assets such as Bitcoin and Ethereum. The token is used to cover transaction fees and provide computational services on the blockchain. Just like ether on the Ethereum network, SOL can be traded on digital asset platforms or employed in peer-to-peer transactions.

Traders swiftly acted upon the news as Solana’s (SOL) price surged by over 9% almost instantly following VanEck’s announcement. At present, the SOL price stands at $148 during this reporting period. The minimal dips in the past 24 hours were recorded at $134.93 and $148.40. Additionally, there has been a slight uptick in trading volume recently, suggesting heightened investor attention.

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2024-06-27 16:41