VanEck has submitted its last filing for its Solana ETF to the US Securities and Exchange Commission (SEC). The submission is a Form 8-A, and it is a normal process, which normally goes ahead of the product launch. Analysts believe that the Solana ETF may be open to investors in the coming days, pending the SEC approval.
This filing comes as an amended S-1 filing as filed by VanEck last month. That filing disclosed the management fee of the ETF of 0.30% and the staking strategy of that ETF. VanEck plans to handle the staking services of Solana to create yield for investors.
The fact that the firm has been determined to roll out the product is a clear indication that it is ready to make U.S. investors have access to Solana-centered investments.
The submission follows an unabating drive towards crypto ETFs, even as the US government is shut. Solana is one of the crypto assets that have received specific attention. According to SoSoValue data, inflows into the spot Solana fund have increased for 13 consecutive days. Thursday inflows amounted to $1.49 million, and the Bitwise fund BSOL was at the top of the day.
Source: Farside Investors
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The net inflows to active Solana ETFs have reached $370 million since the reduction in BSOL started on October 28. Well over 200 million of that sum was received in the initial week. Thursday inflow was the weakest in the streak but nevertheless greater than initial projections. The current demand for Solana ETFs has been off the scale, as investors are showing keen interest.
According to Nick Ruck, an analyst at LVRG Research, Solana ETFs have performed better than anticipated before the launch. He referred to the funds as a high-beta supplement to Bitcoin and Ethereum ETFs. These Solana ETFs provide the institutional investors with a more specific exposure to the ecosystem of Solana, with a higher potential of returns.
The Solana price has fallen recently even though the demand is high. It is currently trading at $141.70, which is a decline of 8.95% on the day. However, it is among the largest cryptocurrencies, and its market cap is approximately $79 billion. This price change does not appear to slow down the interest towards Solana products.
Grayscale has also carried out options trading in its Solana Trust ETF (GSOL). This addition allows institutional investors to access more advanced trading strategies. These developments are solidifying Solana’s position as a significant player in the growing crypto ETF markets.
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