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In a significant expansion of its cryptocurrency offerings, Vaneck has announced the filing of the first U.S. exchange-traded fund (ETF) focused on Solana. This move marks a strategic enhancement of Vaneck’s digital asset products, according to Matthew Sigel, head of digital asset research.
Vaneck’s New ETF to Offer Direct Exposure to Solana’s SOL Token
Vaneck‘s Solana ETF aims to provide investors with exposure to SOL, the native token of the Solana blockchain, recognized for its high throughput and low transaction costs. By leveraging Solana’s proof-of-history and proof-of-stake mechanisms, the ETF is designed to cater to both institutional and retail investors seeking efficient and secure blockchain technology investments.
“We believe the native token, SOL, functions similarly to other digital commodities such as bitcoin and [ethereum],” stated Sigel. The ETF will track the price of SOL, reflecting its market performance minus the operational expenses of the fund.
Filed with the Securities and Exchange Commission (SEC) on June 27, 2024, the Vaneck Solana Trust will operate under the ticker symbol TBD, with its shares expected to be listed on the Cboe BZX Exchange. This initiative follows the increasing demand for digital asset investment products that offer both security and regulatory compliance.
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