Key Insights
- •VanEck submitted an amended S-1 filing for its Solana ETF with the U.S. SEC.
- •The issuer updated language for auto-approval, fee waiver, and risk details in the amended filing.
- •SOL price slips despite the Bitwise Solana Staking ETF launch today.
Investment management firm VanEck has filed an updated S-1 for its Solana ETF with the U.S. Securities and Exchange Commission. The issuers made several changes, including fee waivers, risk disclosures, and a change in language related to the auto-effectiveness of the ETF with an 8-A filing.
This comes as Bitwise Spot Solana ETF (BSOL) and other issuers amended S-1 with language that lets them automatically go effective 20 days after filing. Bitwise is set to become the first SOL ETF to launch on NYSE Arca today.
VanEck Solana ETF (VSOL) Waives Fee Similar to Bitwise Solana ETF
According to the latest filing, VanEck submitted a sixth amended S-1 for its spot Solana ETF application after the market close on October 27. This follows an S-1 amendment two weeks prior that revealed a 0.30% fee and updated staking details.
In the latest filing, the issuer maintained a 0.30% sponsor fee, but waived it for the first 3 months on the first $1 billion in assets under management (AUM), similar to the Bitwise Solana Staking ETF (BSOL).
Additionally, it was mentioned that seed capital investor VanEck Associates will purchase 400,000 shares for $25 in exchange for SOL before the listing of ETF shares on the Cboe BZX Exchange.
The issuer also updated the language in the application with respect to an earlier guidance letter from the U.S. SEC’s Division of Corporate Finance.
VanEck added that the registration is set to become effective with the 8-A filing and the exchange's listing approval certificate.
Crypto ETF to Get Auto-Approval Despite Government Shutdown
Bloomberg ETF analyst James Seyffart revealed that the 20-day clock has started for the VanEck Solana ETF, as the issuer amended its prospectus with new language.
Crypto ETFs are likely to receive auto-approval with the 8-A and CERT filings amidst the ongoing U.S. government shutdown.
Experts have highlighted that the S-1 filing will become effective without SEC intervention after 20 days.
Notably, the 8-A form is the formal registration of ETF shares under the 1934 Act for trading on an exchange.
This law will enable crypto ETFs to become effective, as the SEC has missed final deadlines due to the government shutdown.
SOL Price Fluctuates Despite Solana ETF Optimism
The SOL price was expected to rally following the Bitwise Solana Staking ETF launch today. However, Solana's price erased earlier gains in the last 24 hours, despite a 9% rebound in the past week.
The 24-hour low and high were $197.60 and $203.83, respectively. Trading volumes dropped by 4% over the last 24 hours, indicating a lack of support from traders.
Meanwhile, the derivatives market showed mixed sentiment in the last few hours, according to CoinGlass data.
At the time of writing, the total SOL futures open interest dropped by almost 0.60% to $10.02 in the last 4 hours, following a 2% jump in the preceding 24 hours.