VanEck enables staking for Solana ETP in Europe
Asset manager VanEck has announced that its Solana exchange-traded note available to investors in Europe now includes staking.
Staking for VanEck’s Solana (SOL) ETN for the European market, VSOL, which currently holds $73 million in assets under management, will be available to all holders. The ETN, incorporated in Liechtenstein, is a digital exchange-traded product that seeks to reflect the price of Solana.
It replicates both the price and yield of the volume-weighted average price of SOL, the asset that provides 100% collateralization for the ETN.
Staking rewards to accrue daily
Regulatory requirements mandate asset managers to segregate customer funds to protect clients’ assets. In this case, VanEck does not stake customer funds via its own infrastructure but instead uses custodians for physical SOL tokens.
Custodians delegate the SOL to validator nodes, with tokens held in cold storage, according to Mathew Sigel, head of digital asset research at VanEck. Staking rewards will accrue daily, and these rewards will be reinvested and calculated as part of the product’s end-of-day net asset value. VanEck will manage staking exposure to ensure daily liquidity.
VanEck’s expansion to include staking comes shortly after the company launched VanEck Ventures, a $30 million fund focused on early-stage startups in fintech, digital assets, and artificial intelligence.
As crypto.news recently highlighted, the fund has already attracted four undisclosed investments.
