Yesterday evening around 9 o’clock, ETF issuer VanEck confirmed on Twitter that it had submitted an application to the U.S. for the Solana fund (VANECK SOLANA TRUST), which will issue equity common and is expected to be listed and traded on the Cboe BZX exchange. details are pending issuance notice.
Why did VanEck apply for a Solana ETF?
decision by VanEck to apply for a Solana ETF is based on Solana’s unique capabilities as a blockchain. Solana is an open-source blockchain designed to handle various applications, including payments, transactions, games, and social interactions. Unlike other blockchains, Sol operates as a global single-state machine without the need for sharding or second-layer solutions.
This approach provides a combination of scalability, speed, and low cost that may offer superior user experiences for many use cases. Solana can process thousands of transactions per second with extremely low fees. In addition, its advanced security mechanisms combining proof-of-history and proof-of-stake make it a robust accessible blockchain solution.
VanEck believes that this combination of high throughput, low fees strong security, and an active community makes Solana an attractive option for an ETF. This will provide investors with the opportunity to access a diverse and open-source ecosystem.
SOL rises 8% upon hearing the news
Last night response to this news, SOL briefly surged 8%, breaking through $150.
Note: The translation provided above is not perfect but conveys the general meaning of the original text accurately
