Wealth Manager VanEck has expanded its crypto-related offerings by introducing a Solana trust. VanEck, known for its Spot Bitcoin (BTC) ETF, has submitted the first bid for a Solana (SOL) exchange-traded fund in the U.S., as per a filing with the Securities and Exchange Commission (SEC). The price of SOL surged over 8% following the announcement.

VanEck Solana Trust: Tracking SOL Performance

The VanEck Solana Trust is designed to track and reflect the performance of SOL prices, marking VanEck’s deeper venture into crypto-backed investment vehicles. The filing, similar to those for spot Ethereum (ETH) ETFs, emphasizes that staking will not be part of the Solana Trust.

“Neither the Trust nor the Sponsor, the SOL Custodian, or any other person associated with the Trust will, directly or indirectly, engage in any action where any portion of the Trust’s SOL is used to earn staking rewards, to earn additional SOL or to generate income or other earnings.” — June 27 SEC filing

Solana: Commodity or Security?

Matthew Sigel from VanEck has contested the SEC’s indirect assertions and statements by Michael Saylor that SOL is an unregistered security. Sigel argues that Solana is a commodity, similar to Bitcoin and Ethereum.

This filing likely aims to align with perceived SEC directions, which currently suggest that staking activities may fall under federal securities laws. The move comes ahead of anticipated approvals for spot Ether ETFs, following the successful launch of several Bitcoin ETFs earlier this year.

Industry Reactions and Political Context

The application has garnered attention from analysts and industry leaders like Solana co-founder Raj Gokal and Ripple CEO Brad Garlinghouse, both of whom viewed a SOL ETF as inevitable. The news also reflects asset managers’ confidence amidst a shift in the U.S. political landscape, with both parties showing increasing interest in discussing digital asset regulations.

For more updates on cryptocurrency news and investment opportunities, explore the latest articles on Global Crypto News.

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