{"id":82799,"date":"2024-06-27T10:30:23","date_gmt":"2024-06-27T14:30:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82799"},"modified":"2024-06-27T10:35:01","modified_gmt":"2024-06-27T14:35:01","slug":"vaneck-submits-application-for-first-solana-etf-with-us-sec","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/vaneck-submits-application-for-first-solana-etf-with-us-sec\/","title":{"rendered":"VanEck Submits Application For First Solana ETF With US SEC"},"content":{"rendered":"\n

VanEck submits an application for Solana ETF<\/a> with the SEC, becoming the first firm to do so in the United States. SOL's price surged\u00a0over 8%.<\/p>\n\n\n\n

\"VanEck<\/figure>\n\n\n\n

VanEck, an investment management firm, announced on Thursday that it has submitted an application for Solana Trust to the U.S. Securities and Exchange Commission.<\/p>\n\n\n\n

Moreover, VanEck has initiated the process of submitting a Solana exchange-traded fund (ETF) application, making it the first company to do so in the United States.<\/p>\n\n\n\n

VanEck Submits Application for First Solana ETF<\/h2>\n\n\n\n

In a Form S-1 filing with the U.S. Securities and Exchange Commission on June 27, VanEck submitted an application to register Solana Trust as an exchange-traded fund that tracks the current price of Solana.<\/p>\n\n\n\n

Matthew Sigel, VanEck's head of digital asset research, also expressed enthusiasm for the first Solana exchange-traded fund (ETF) in the United States.<\/p>\n\n\n\n

\n

\u201cWe believe the native token, SOL, functions similarly to other digital commodities such as Bitcoin and Ethereum. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions\u201d<\/p>\n<\/blockquote>\n\n\n\n

\"VanEck<\/figure>\n\n\n\n

Some members of the community have expressed their disagreement with the filing, arguing that Solana is not entirely decentralized due to the fact that the Solana Foundation<\/a> and related entities continue to own the majority of SOL's supply.<\/p>\n\n\n\n

In contrast, the Ethereum Foundation maintains a limited supply of ETH.<\/p>\n\n\n\n

VanEck's decision is considered “smart” by several ETF experts, including Nate Geraci<\/a>, president of ETF Store.<\/p>\n\n\n\n

Bloomberg ETF analyst James Seyffart said It will be intriguing to observe whether other issuers follow VanEck's lead and promptly file for the Solana ETF.<\/p>\n\n\n\n

He further stated that a Solana ETF may only be launched if we have a crypto-friendly administration in the White House.<\/p>\n\n\n\n

\n

First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed. https:\/\/t.co\/I1yoWNpdd4\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— James Seyffart (@JSeyff) June 27, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Within minutes of VanEck's announcement,\u00a0SOL price\u00a0<\/use><\/svg><\/span><\/a>surged\u00a0over 9%, prompting an\u00a0immediate response from traders.<\/p>\n\n\n\n

At the time of writing, SOL price is trading at $148.<\/p>\n\n\n\n

The 24-hour low and high are $134.93 and $148.40, respectively.<\/p>\n\n\n\n

Additionally, the trading volume has marginally increased in the last few hours, suggesting a slight increase in interest among traders.<\/p>\n","protected":false},"excerpt":{"rendered":"

VanEck submits an application for Solana ETF with the SEC, becoming the first firm to do so in the United States. SOL’s price surged\u00a0over 8%. VanEck, an investment management firm, announced on Thursday that it has submitted an application for Solana Trust to the U.S. Securities and Exchange Commission. Moreover, VanEck has initiated the process […]<\/p>\n","protected":false},"author":56,"featured_media":82801,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[9479,668],"class_list":["post-82799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-solana-sol","tag-vaneck"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/VanEck-Submits-Application-For-First-Solana-ETF-With-US-SEC.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82799"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82801"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}