Management company VanEck has filed an application with the US Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) for the Solana cryptocurrency. According to the terms of the document, if the fund goes public on the exchanges, the company will buy SOL tokens to secure its shares.

VanEck Solana Trust shares would be required to trade on the CBOE exchange, according to the filing. Their price will be tied to the rate of the SOL token, which will be tracked based on benchmark data from the MarketVector company.

The Solana blockchain token is the fifth largest crypto asset by capitalization, second only to Bitcoin, Ethereum, USDT from Tether and BNB from the Binance exchange. During periods of excitement around Solana ecosystem projects and demand for the token, it outperformed BNB several times. The Solana blockchain is characterized by high speed and low commissions.