tl;dr
VanEck, an American investment management firm, has introduced staking rewards to its Solana Exchange-Traded Note (ETN) in Europe, allowing investors to earn passive income. The ETN, traded in Euronext Amsterdam, holds approximately $74 million in assets and offers investors 75% of the gross staking...
VanEck, an American investment management firm, has introduced staking rewards to its Solana Exchange-Traded Note (ETN) in Europe, allowing investors to earn passive income. The ETN, traded in Euronext Amsterdam, holds approximately $74 million in assets and offers investors 75% of the gross staking rewards after a 25% fee deduction.
The staking process is non-custodial, with the custodian retaining control over the staked assets for security. However, the firm's US offering, the VanEck Solana Trust, does not include staking.
American investment management firm VanEck has added staking rewards to its Solana ETN (Exchange-Traded Note) in Europe. This might offer investors a new way to generate passive income. The staking rewards are automatically reinvested and reflected in the product’s daily net asset value (NAV). As of mid-October, the ETN, which trades in Euronext Amsterdam, holds approximately $74 million in assets.
Investors receive 75% of the gross staking rewards after VanEck deducts a 25% fee. The staking process is fully non-custodial, meaning the custodian retains control over the staked assets, ensuring the security of the investments. This move follows VanEck’s earlier introduction of Ethereum staking rewards within its Ethereum ETN.
Despite seeing significant success for its Solana exchange-traded product in Europe, VanEck is still awaiting the SEC’s decision on its ETF application filed in July. The company’s US offering, known as the VanEck Solana Trust, does not include staking and will hold its Solana reserves in a similar manner to US-approved spot Ethereum ETFs.
However, the firm’s Head of Digital Assets Research, Matthew Sigel, thinks Solana ETF approvals are unlikely under the current SEC chair, as mentioned in a tweet earlier today. Bloomberg’s Senior ETF Analyst, Eric Balchunas, also previously expressed skepticism about Solana ETF approvals until the upcoming US elections.
As of now, staking rewards are not permitted in US crypto ETFs – for both Bitcoin and Ethereum. These ETFs hold the assets directly and only mirror the spot price without generating additional staking income.
More about Eaton Corporation PLC
Company: Eaton Corporation PLC
Description: Eaton Corporation plc is an American Irish-domiciled multinational power management company with 2020 sales of 17.86 billion USD, founded in the United States with corporate headquarters in Dublin, Ireland, and operational headquarters in Beachwood, Ohio.
Industry: Technology, Misc Industrial & Commercial Machinery & Equipment
Market Cap: 138.61 billion USD
PE Ratio: 38.3
EPS: 3.6
Dividend Yield: 9.09%
52-Week High: 60.42
52-Week Low: 0.151
Shares Outstanding: 24.14 billion
Public Float: 99.90 billion
Beta: 0.333
Inst. Ownership: 0.083%