VanEck Solana ETF may not offer a fixed number of shares, but will authorize participants to create and redeem shares on demand

Before VanEck Solana ETF filed its application, asset management company 3iQ also filed its SOL ETF application in Canada. If approved by the Ontario Securities Commission, the product will be traded on the Toronto Stock Exchange. It is reported that the 3iQ product is a closed-end fund, which means that it will provide a fixed number of shares, while the VanEck Solana ETF is different and will authorize participants to create and redeem shares based on market demand. Bloomberg Intelligence analyst James Seyffart said on X that 3iQ's Solana fund will be more similar to the Grayscale Trust product. (blockworks)