On June 28, Galaxy Digital, a crypto-focused financial services firm led by Mike Novogratz, published an analysis of VanEck’s recent filing for a spot Solana (SOL) exchange-traded fund (ETF) in the United States. According to Galaxy Digital’s blog post, VanEck filed an S-1 with the Securities and Exchange Commission (SEC) to launch an exchange-traded commodity-based trust product designed to track the price of SOL by holding the underlying cryptocurrency.
Galaxy Digital notes that VanEck’s filing is currently light on operational details, with no designation of custodian, administrator, cash custodian, authorized participants, or sponsor fee, though they point out these can be added in future amendments. The research team at Galaxy Digital highlights that the filing specifically states the trust will not stake its assets.
In their analysis, Galaxy Digital draws attention to several…
