VanEck Files for Solana ETF, First Attempt in U.S.

Asset manager VanEck filed paperwork for a proposed solana exchange-traded fund, making it the first fund firm to seek Securities and Exchange Commission approval to launch an ETF holding the cryptocurrency.

Solana jumped more than 7% to $149 Thursday morning after the filing, reaching a market valuation of $69 billion.

Though the SEC signed off on bitcoin ETFs early this year, the solana ETF application will likely face big hurdles. The SEC has named solana tokens as unregistered securities in its lawsuits against Binance and Coinbase. In the filing, VanEck says it will not engage in staking of solana tokens to earn yield for the fund.