SEC Comment Letter for VanEck Solana ETF (VSOL) — Jul 17, 2024
VanEck Solana ETF
Date: July 17, 2024 · CIK: 0002028541 · Accession: 0000000000-24-008118
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 333-280517
Letter
July 17, 2024 Jan F. van Eck President and Chief Executive Officer VanEck Solana Trust 666 Third Avenue, 9th Floor New York, New York 10017 Re:VanEck Solana Trust Registration Statement on Form S-1 Filed June 27, 2024 File No. 333-280517 Dear Jan F. van Eck: We have reviewed your registration statement and have the following comment. Registration Statement on Form S-1 General 1.You state that the investment objective of the Trust is to reflect the performance of the price of Solana and that you will meet the objective by holding Solana. The Commission has stated that Solana meets the definition of a security under the federal securities laws. In that regard, we refer you to the complaints filed by the Commission against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc. and Changpeng Zhao, Coinbase, Inc. and Coinbase Global, Inc., and Payward, Inc. and Payward Ventures, Inc. Therefore, the Trust appears to meet the definition of an investment company under the Investment Company Act of 1940. Please file a request for withdrawal of the registration statement.
July 17, 2024 Page 2 We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Austin Stanton at 202-551-2197 or Sandra Hunter Berkheimer at 202-551- 3758 with any questions. Sincerely, Division of Corporation Finance Office of Crypto Assets cc:Clifford R. Cone
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July 17, 2024
Jan F. van Eck
President and Chief Executive Officer
VanEck Solana Trust
666 Third Avenue, 9th Floor
New York, New York 10017
Re:VanEck Solana Trust
Registration Statement on Form S-1
Filed June 27, 2024
File No. 333-280517
Dear Jan F. van Eck:
We have reviewed your registration statement and have the following comment.
Registration Statement on Form S-1
General
1.You state that the investment objective of the Trust is to reflect the performance of the
price of Solana and that you will meet the objective by holding Solana. The Commission
has stated that Solana meets the definition of a security under the federal securities laws.
In that regard, we refer you to the complaints filed by the Commission against Binance
Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc. and
Changpeng Zhao, Coinbase, Inc. and Coinbase Global, Inc., and Payward, Inc. and
Payward Ventures, Inc. Therefore, the Trust appears to meet the definition of an
investment company under the Investment Company Act of 1940. Please file a request for
withdrawal of the registration statement.
July 17, 2024
Page 2
We remind you that the company and its management are responsible for the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action or absence of
action by the staff.
Please contact Austin Stanton at 202-551-2197 or Sandra Hunter Berkheimer at 202-551-
3758 with any questions.
Sincerely,
Division of Corporation Finance
Office of Crypto Assets
cc:Clifford R. Cone