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In a move that could reshape institutional exposure to Solana, VanEck has submitted its fifth amended Solana ETF filing to the U.S. Securities and Exchange Commission (SEC). The update introduces a lower 0.30% management fee and expands plans for staking integration, making it one of the most cost-efficient crypto ETFs currently under regulatory consideration.
The VanEck Solana Trust, trading under the proposed ticker VSOL on the Cboe BZX Exchange, aims to mirror Solana’s market performance while incorporating staking rewards when permitted. The ETF’s sponsor, VanEck Digital Assets, will manage operational oversight, with the revised structure targeting yield generation for investors while adhering strictly to compliance requirements.
Our goal is to offer investors secure and regulated access to Solana’s innovation while keeping costs low, VanEck spokesperson, in a statement to CoinDesk.
By aligning with the SEC’s evolving expectations, the new Solana ETF filing places VanEck ahead of competing issuers preparing for the next wave of spot crypto ETF approvals.
The ETF’s design mirrors established structures used by Bitcoin spot funds but with a novel staking mechanism. The VanEck Solana Trust will operate as a grantor trust, avoiding registration under the Investment Company Act of 1940. This allows in-kind and cash creation or redemption by authorized participants, improving liquidity and operational flexibility.
Custody will be handled by Gemini Trust Company and Coinbase Custody, both regulated custodians that insure assets against theft and maintain high transparency standards. These institutions are expected to manage SOL holdings in cold storage with insurance protections similar to those used for other digital asset ETFs.
VanEck may also use third-party validators like Gemini or Coinbase to delegate a portion of SOL holdings for staking, generating modest yields for investors. A 5% liquidity buffer will be maintained to facilitate redemptions during volatile periods, and the staking policy will undergo annual review for compliance and efficiency.
The Solana ETF filing further opens the door to the integration of liquid staking tokens (LSTs) in the future as a potential development if U.S. regulations evolve to permit their inclusion in exchange-traded products.
This is one of the most forward-thinking ETF frameworks we’ve seen, blending transparency, staking yield, and regulatory compliance, Jonathan Hamm, Digital Asset Analyst at The Block.
Despite the regulatory progress, Solana’s price has dipped to around $200, reflecting a 3.7% daily drop. Analysts view this as a technical correction rather than a loss of momentum. Chart data from CoinMarketCap shows support emerging near $185, aligning with the 0.618 Fibonacci retracement.
Renowned market analyst CryptoJelleNL highlighted that Solana has broken out from a long-term accumulation zone between $120 and $200, forming a cup-and-handle pattern as a setup that typically precedes continuation rallies. A confirmed rebound above $200 could trigger renewed bullish sentiment and open targets toward $360.
“If Solana can sustain above $185–$200, the long-term technical picture remains intact,” — CryptoJelleNL, via X (formerly Twitter).
This market stability strengthens the case for the Solana ETF filing, as institutional players typically prefer entering during consolidation rather than euphoric rallies.
While VanEck’s progress marks a milestone, the Solana ETF filing remains subject to SEC review under the Generic Listing Standards (GLS). According to Bloomberg ETF analyst James Seyffart, this framework does not impose a fixed timeline for approval.
Things are under the GLS now, so there’s no fixed approval timeline, James Seyffart, Bloomberg Intelligence.
However, the current U.S. government shutdown has suspended parts of the SEC’s operations, effectively pausing active reviews of pending digital asset filings. Seyffart noted that “no one knows anything while that’s happening,” underscoring the unpredictable regulatory environment.
Still, VanEck’s persistence from the initial submission in early 2024 to its latest Solana ETF filing reflects continued confidence in the long-term viability of regulated crypto investment vehicles.
If approved, the VanEck Solana ETF would represent one of the first staking-enabled spot ETFs in the U.S., setting a precedent for other issuers like ARK Invest and Hashdex, both reportedly preparing their own Solana-based fund structures.
Beyond price action, the Solana ETF filing symbolizes a broader trend: the institutionalization of the Solana ecosystem. With scalable infrastructure, fast transaction speeds, and a thriving developer community, Solana has become a cornerstone of next-generation blockchain applications.
If the SEC greenlights the VanEck Solana ETF, it could bridge the gap between traditional capital markets and decentralized networks as much as Bitcoin ETFs did for digital gold.
For crypto investors, this marks a pivotal moment: Solana may soon become the next major asset accessible through a fully regulated, yield-generating exchange-traded product.
