🔷VanEck has submitted an application to the U.S. Securities and Exchange Commission (SEC) for the registration of a new exchange-traded fund. The VanEck Solana Trust will invest directly in the crypto asset rather than in derivative contracts based on it.
🔷If approved by the SEC, the product will be traded on the Cboe BZX Exchange. The custodian will be Delaware Trust Company. The fund’s ticker and management fees have not yet been disclosed. Notably, the ETF issuer is opting out of staking Solana (SOL) and other activities that may fall under this definition.
🔷Following the news, the token’s price surged by more than 7%. As of writing, it is trading at $147, according to TradingView. Notably, experts previously stated that Solana-based funds are more likely to be approved by the SEC following the launch of Ethereum-based products.