VanEck has taken a pioneering step by submitting the S-1 application for the “VanEck Solana Trust,” the first Solana (SOL) spot ETF in the US.
With the SEC’s focus on whether SOL is a security or a commodity, and the potential 2025 launch date, this development is set to significantly influence the cryptocurrency market.
Discover the details and implications of this groundbreaking move.
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Submission of the S-1 Document for “VanEck Solana Trust”
VanEck, a major US asset management company, has submitted the S-1 application for the first-ever Solana (SOL) spot ETF, “VanEck Solana Trust,” to the US Securities and Exchange Commission (SEC).
In the US, Bitcoin spot ETFs have already commenced trading, and all 19b-4 application documents for Ethereum spot ETFs have been approved. However, this is the first time an application for a Solana spot ETF has been submitted.
The SEC, when suing the cryptocurrency exchange Coinbase last June, identified 13 types of cryptocurrencies, including SOL, as “crypto assets that qualify as securities.”
One of the focal points for the Solana spot ETF will be whether SOL is classified as a security or a commodity. Solana is a decentralized blockchain and cryptocurrency used in various fields similar to Ethereum.
Given that Ethereum (ETH) has been judged as “not a security,” it is anticipated that SOL will also be classified as a commodity rather than a security.
Expected Launch Date for the Solana Spot ETF
The timing of approval is a critical focus for spot cryptocurrency ETFs. Bloomberg’s ETF analyst, James Seyffart, commented that the Solana spot ETF could potentially launch in 2025 if new administrators take office at the White House and SEC, though this is still uncertain.
Since the submitted document is an S-1 application, no deadline has been set yet. Seyffart explained that even if the 19b-4 application were submitted today, the deadline would be around mid-March 2025.
Following this announcement, the price of Solana (SOL) surged nearly 10%, drawing significant attention from the cryptocurrency industry regarding future price movements.
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