VanEck, a pioneer in the world of digital assets, has made history by becoming the first company in the United States to file for a Solana ETF. This development was announced by Matthew Sigel, VanEck’s head of digital assets research, on June 27 via a post on the platform X.

VanEck, known for being one of the earliest issuers of spot Bitcoin exchange-traded funds (ETFs) in the U.S., is now aiming to offer a new Solana ETF. This new venture, named the VanEck Solana Trust, seeks to leverage the unique qualities of the Solana blockchain, which include its decentralized structure, high utility, and cost-effectiveness.

Sigel elaborated on the reasons behind their belief in Solana (SOL) as a valuable asset. He explained that SOL, the native token of the Solana network, operates similarly to well-known digital commodities like Bitcoin and Ether. It is used to pay for transaction fees and computational services on the blockchain, much like Ether on the Ethereum network. Furthermore, SOL can be traded on various digital asset platforms or used in peer-to-peer transactions, reinforcing its commodity-like characteristics.

The official filing with the U.S. Securities and Exchange Commission (SEC) indicates that if approved, the VanEck Solana Trust will be listed on the Cboe BZX Exchange. The primary goal of this trust is to mirror the price performance of Solana cryptocurrency, minus the operational expenses of the trust.

To ensure accurate valuation, the trust will use the MarketVector Solana Benchmark Rate index. This index derives its data from the top five SOL trading platforms, as identified by MarketVector’s review in the CCData Centralized Exchange Benchmark report.

This move by VanEck follows a significant decision by the SEC, which approved the launch of spot Ether (ETH) ETFs in the U.S. on May 23, 2024. This approval marked a turning point in the debate over the classification of Ether, recognizing it as a commodity rather than a security. Subsequently, the SEC ended its investigation into whether Ether should be considered a security on June 19.

With the introduction of the VanEck Solana Trust, VanEck continues to lead the way in digital asset innovation, providing investors with new opportunities to engage with the rapidly evolving cryptocurrency market.