VanEck management company has filed an application with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) for the Solana cryptocurrency. According to the terms of the document, if the fund enters the stock exchanges, the company will buy SOL tokens to secure its shares.
According to the application, VanEck Solana Trust shares will have to be traded on the CBOE exchange. Their price will be linked to the rate of the SOL token, which will be tracked based on MarketVector’s benchmark data.
The Solana blockchain token is the fifth most capitalized crypto asset, second only to bitcoin, Ethereum, USDT from Tether and BNB from the Binance exchange. During the periods of excitement around the projects of the Solana ecosystem and the demand for the token, it was several times ahead of BNB. The Solana blockchain is characterized by high speed and low fees.
As of June 27, SOL is trading at $148 with a capitalization of over $68.5 billion. When the news about VanEck’s application appeared, the token exchange rate reacted with an increase of about 7%.
In January, the US SEC approved bitcoin-based spot ETFs from ten companies for the first time, and shares of similar Ethereum-based funds should be released on exchanges in the near future. The high demand for cryptocurrency to secure fund shares has become one of the catalysts for the growth of the bitcoin exchange rate in 2024.
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