(Reuters) -Investment manager VanEck on Thursday filed to list the first U.S. exchange-traded fund (ETF) tied to the spot price of crypto token Solana , months after a regulatory nod for a similar product tied to bitcoin.
Emboldened by the Securities and Exchange Commission’s attitude towards spot bitcoin and ether ETFs, asset managers have been mulling ways to expand their portfolio to include other crypto tokens.
The SEC approved spot bitcoin ETFs in January after a decade-long tussle and is expected to greenlight ether ETFs as soon as next week, Reuters reported.
ETFs allow investors exposure to a particular cryptocurrency without having to hold it directly.
The market has attracted some of the biggest names in the traditional finance industry, including BlackRock, which operates the biggest spot bitcoin ETF.
VanEck did not disclose the fees it would charge for the fund, but said it would be listed on the Cboe BZX Exchange. VanEck also offers spot bitcoin and ether ETFs.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta and Maju Samuel)
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