VanEck has filed for the first U.S. spot Solana (SOL) ETF, the VanEck Solana Trust, aiming to list on the Cboe BZX Exchange. This move follows the SEC's approval of spot Bitcoin and Ethereum ETFs, signaling a potential shift in regulatory attitudes toward altcoin ETFs. VanEck positions SOL as a digital commodity, highlighting its use for transaction fees and computational services on the Solana blockchain. The trust would be fully collateralized with SOL tokens, valued daily based on the MarketVector Solana Benchmark Rate. Approval is anticipated by 2025, contingent on favorable regulatory developments

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