VanEck Files for Solana ETF, Submits 8-A Form for Ethereum ETF

On June 27th, the asset management company VanEck filed for a spot Solana ETF.

According to VanEck, this move makes it the first company to file for a Solana ETF in the US.

The company also submitted an 8-A form for its Ethereum ETF, which Bloomberg predicts could be approved as soon as next week.

Solana ETF Filing

VanEck’s Head of Digital Research, Matthew Sigel, shared the news on X, highlighting the company’s milestone: “I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US”.

In the second part of his post, Matthew explained the rationale behind the filing. His main argument was that Solana offers a unique blend of scalability, speed, and low costs, which could be ideal for most use cases.

Finally, he listed three reasons why VanEck believes Solana to be a commodity, just like BTC and ETH.

• Solana’s native token (SOL) works similarly to BTC and ETH in the sense that it’s used for transaction fees and traded on digital asset platforms.
• Solana’s blockchain is sufficiently decentralized and supports a wide range of services and applications.
• Solana has numerous use cases and could even become an alternative to “duopoly app stores.”

Ethereum ETF Progress

Earlier this week, Bloomberg’s senior analyst Eric Balchunas posted that VanEck is making progress towards getting its spot Ethereum ETFs approved: “VanEck just filed 8-A form for spot Eth.”

He also noted that while this is just one step on the path to approval, the company “filed their 8-A for spot bitcoin exactly 7 days before launch,” which is indeed a promising argument.

If you’ve read our recent article about Ethereum ETFs, you might remember that Bloomberg is predicting the SEC could approve them by July 2nd. Eric did not shy away from reiterating the same prediction at the end of this post.

Another interesting fact is that VanEck plans to waive all fees on its Ethereum ETF until the asset reaches a $1.5 billion evaluation. It will start charging a 0.20% sponsorship fee once it reaches that point.

VanEck’s recent moves could significantly contribute to a broader acceptance and adoption of digital assets in mainstream investment portfolios.

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