Key Insights:
- VanEck submitted an amended S-1 filing for its Solana ETF with the U.S. SEC.
- The issuer updates language for auto-approval, fee waiver and risk details in the amended filing.
- SOL price slips despite 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, 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 to become first SOL ETF to launch on NYSE Arca today.
VanEck Solana ETF (VSOL) Waives Fee Similar to Bitwise Solana ETF
According to the latest Solana news filing, VanEck filed a sixth amended S-1 for its spot Solana ETF application after the market close on October 27. This comes following an S-1 amendment to reveal 0.30% as a fee and update staking details two weeks ago.
According to the filing, VanEck filed a sixth amended S-1 for its spot SOL ETF application after the market close on October 27. This comes following an S-1 amendment to reveal 0.30% as fees and update staking details two weeks ago.
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 assets under management (AUM), similar to Bitwise Solana Staking ETF (BSOL).
Also, it 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.
In addition, the issuer updated the language in the application with respect to an earlier guidance letter from the US SEC’s Division of Corporate Finance.
VanEck added that the registration to become effective with the 8-A filing and listing approval certificate by the exchange.
Crypto ETF to Get Auto-Approval Despite Government Shutdown
Bloomberg ETF analyst James Seyffart revealed that the 20-day clock starts now for VanEck Solana ETF as the issuer amended its prospectus with new language.
Crypto ETFs will likely get auto-approval with the 8-A and CERT filings amid the prolonged U.S. government shutdown.
Experts 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.
The law will enable crypto ETFs to get effective as the SEC missed final deadlines amid the government shutdown.
SOL Price Fluctuates Despite Solana ETF Optimism
SOL price is expected to rally after the Bitwise Solana Staking ETF launch today. Solana price erased earlier gains in the last 24 hours after a 9% rebound in a week.
The 24-hour low and high are $197.60 and $203.83, respectively. However, 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, as per CoinGlass data on the Solana news.
At the time of writing, the total SOL futures open interest dropped almost 0.60% to $10.02 in the last 4 hours after 2% jump in the last 24 hours.