VanEck Pioneers with First Ever Proposal for a Solana Exchange-Traded Fund (ETF)
Summary:
VanEck, a U.S.-based pioneer in Bitcoin exchange-traded funds (ETF) has proposed a new Solana ETF, marking a first for the industry. Highlighting Solana's decentralized features, utility and economic potential, Matthew Sigel, head of digital assets research at VanEck, revealed the plan on the social platform X. Sigel also compared Solana’s coin (SOL) with other digital commodities such as Bitcoin and Ether. More details on this developing story will be provided as they emerge.
In a groundbreaking move, VanEck, a pioneer in introducing spot Bitcoin exchange-traded funds (ETF) in the United States, has now proposed a Solana ETF. This news comes directly from Matthew Sigel, the principal of digital assets research at VanEck, who used platform X on June 27 to break the news about the company registering for a Solana ETF with the U.S. Securities and Exchange Commission (SEC).
The upcoming fund, christened the Vaneck Solana Trust, is designed to harness the decentralized attributes, significant utility, and economic virtues of Solana’s (SOL) coin, as per Sigel's explanation. He further adds that this trust has the distinction of being the first Solana ETF filing in the United States.
In his post, Sigel elaborated on why his organization considers SOL to be a valuable commodity. He penned the following: "Our assessment is that SOL, similar to other digital commodities such as Bitcoin and Ether, is utilized as a medium to pay for transaction costs and computational services on the blockchain. Comparable to ether on the Ethereum network, SOL can be interchanged on digital asset platforms or deployed in peer-to-peer transfers."
As the story is still unfolding, additional details will be revealed as and when they surface.
Published At
6/27/2024 4:23:34 PM
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