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Sep 18 2025, 16:17
VanEck Advances Institutional Crypto Adoption with Solana ETF Filing and Tokenized Treasury Fund
Executive Summary VanEck is deepening its engagement in the digital asset sector by filing for a Solana Exchange Traded Fund and launching VBILL, a tokenized U.S. Treasury fund, reflecting a strategic push towards mainstreaming crypto investments. The Event in Detail VanEck has consistently positioned itself as a pioneer in institutional crypto offerings, notably with the launch of the VanEck Bitcoin Trust (ticker: HODL), providing spot Bitcoin exposure. This ETF features a competitive expense ratio of 0.25% and represents over six years of development to bring such a product to market. As of November 30, 2023, VanEck managed approximately $84.8 billion in assets across various investment vehicles. Building on this foundation, VanEck has filed for a spot Solana ETF with the U.S. Securities and Exchange Commission (SEC). This move aligns with similar applications from major asset managers including Fidelity, Bitwise, 21Shares, Franklin Templeton, Invesco/Galaxy, and Grayscale, many of which propose incorporating staking functionality. The SEC has extended its decision timeline for these Solana ETF applications, with a final verdict now anticipated by October 16, 2025. This regulatory extension provides additional time for thorough review, despite market optimism stemming from the prior approvals of spot Bitcoin and Ethereum ETFs. Internationally, Canada and Brazil have already introduced Solana ETFs, including those with staking, exerting pressure for similar U.S. offerings. Notably, the REX-Osprey Solana + Staking ETF (Cboe BZX: SSK), launched in July 2025, rapidly accumulated over $212 million in assets under management by September 2025, demonstrating market demand. Further diversifying its digital asset strategy, VanEck has launched $VBILL, its first tokenized U.S. Treasury fund, in collaboration with tokenization firm Securitize. The $VBILL fund offers investors on-chain access to short-term U.S. Treasury debt, aiming to provide a secure, transparent, and liquid cash management tool. It is available across multiple blockchain networks, including Ethereum, Avalanche, Solana, and BNB Chain, with cross-chain interoperability facilitated by Wormhole. The fund provides 24/7 liquidity and real-time settlement, accessible to qualified investors with a minimum investment of $100,000 on most blockchains and $1 million on Ethereum. State Street holds the fund's assets, with daily pricing data supplied by Redstone's oracle service. The token supports around-the-clock onramping via Circle's USDC stablecoin and offers atomic liquidity with Agora's AUSD stablecoin, enabling single-transaction redemptions through smart contracts. Market Implications VanEck's strategic initiatives signal a significant acceleration in the institutional adoption of cryptocurrencies and blockchain technology. The push for a Solana ETF indicates a broadening institutional interest beyond just Bitcoin to other established altcoins, potentially driving increased capital inflow into the wider Web3 ecosystem. The approval of such products could enhance market liquidity and investor accessibility to a more diverse range of digital assets. The launch of $VBILL represents a critical bridge between traditional finance (TradFi) and decentralized finance (DeFi). By tokenizing U.S. Treasury debt and making it accessible on multiple blockchains, VanEck is responding to the demand for yield-generating, stable assets within the digital asset space. This move provides institutional and accredited investors with a regulated and efficient means to manage cash on-chain, offering advantages like instant settlement and 24/7 access. The model aligns with a broader industry trend where firms like BlackRock and Franklin Templeton are also exploring tokenization of real-world assets. Expert Commentary Kyle DaCruz, VanEck's director of digital assets product, emphasized that the launch of $VBILL directly integrates digital assets into mainstream financial markets. Juan C. Lopez, General Partner at VanEck Ventures, articulated the firm's forward-looking perspective on tokenization, stating that "financial instruments have always been a kind of tokenization." He views stablecoins as crucial for liquidity endpoints and envisions new asset categories emerging from the "refactoring of asset issuance and distribution" enabled by blockchain technology. Lopez also highlighted the firm's focus on accelerating stablecoin ubiquity and building compliant infrastructure for the next phase of Web3 growth. Broader Context The actions undertaken by VanEck are emblematic of the ongoing convergence between traditional financial systems and the burgeoning digital asset space. By pioneering spot Bitcoin ETFs, pursuing altcoin ETFs like Solana, and launching tokenized real-world asset funds, VanEck is actively shaping the landscape of institutional crypto investment. These developments reflect a growing industry consensus that blockchain technology offers pathways for enhanced efficiency, liquidity, and accessibility across various asset classes, fundamentally altering how financial products are structured and distributed globally. The continued regulatory scrutiny and eventual decisions regarding spot Solana ETFs will serve as key catalysts for further market evolution and broader institutional engagement in decentralized finance.
Sep 08 2025, 08:17
VanEck Launches VBILL Tokenized Treasury Fund Amid Solana ETF Uncertainty
VanEck launched VBILL, a tokenized U.S. Treasury fund, while its Solana ETF application faces regulatory hurdles. Executive Summary VanEck, a $120 billion asset manager, has launched its VBILL tokenized U.S. Treasury fund on multiple blockchains, including Ethereum, Avalanche, Solana, and BNB Chain. This move coincides with uncertainty surrounding VanEck's application for a Solana ETF, which faces potential regulatory hurdles due to the SEC's classification of SOL as a security. The Event in Detail VanEck's VBILL fund provides on-chain access to short-term U.S. Treasury debt, aiming to offer a secure and liquid tool for cash management with 24/7 liquidity and real-time settlement. The fund is accessible to qualified investors with a minimum investment of $100,000 on most blockchains and $1 million on Ethereum. Assets are held by State Street and priced daily using data from Redstone's oracle service. The fund supports on-ramp with Circle's USDC stablecoin and offers atomic liquidity with Agora's AUSD stablecoin, allowing VBILL tokens to be redeemed via smart contract. The Solana ETF application's status is less certain, with the SEC having until March 2025 to approve any SOL ETFs. The SEC officially declared the SOL token a security in June 2023, potentially complicating approval. Market Implications The launch of VBILL signifies a continued push by traditional finance firms to tokenize real-world assets, following similar moves by BlackRock and Franklin Templeton. According to Kyle DaCruz, Director of Digital Assets Product at VanEck, this integrates digital assets into mainstream financial markets, potentially enhancing market liquidity and efficiency. The PurposeBuilt Fund, launching on Avalanche in June 2025, will further support Web3 projects focused on long-term utility across DeFi, AI, gaming, and tokenized assets. The uncertainty surrounding the Solana ETF, however, highlights the regulatory challenges facing crypto assets, particularly those classified as securities by the SEC. Expert Commentary > "By bringing U.S. Treasuries on-chain, we are providing investors with a secure, transparent, and liquid tool for cash management, further integrating digital assets into mainstream financial markets,” said Kyle DaCruz, Director of Digital Assets Product at VanEck. Matthew Sigel, VanEck's head of digital assets research, has stated that their Solana ETF proposal remains active despite its removal from the CBOE website. Broader Context VanEck's initiatives reflect a broader trend of traditional financial institutions embracing blockchain technology and digital assets. The launch of tokenized treasury funds like VBILL and the development of funds focused on Web3 innovation indicate a long-term commitment to the space. However, regulatory scrutiny and the classification of certain crypto assets as securities pose ongoing challenges for the industry.
Follow-Up Questions
What is VanEck Treasury Fund (VBILL)?
This Fund seeks to offer a stable value of $1 per token and pays daily accrued dividends directly to investors' wallets as new tokens each day. The Fund primarily invests its total assets in cash, U.S. Treasury bills, and repurchase agreements, allowing investors to earn yield while holding the token on the blockchain.
The Fund pursues its investment objective by investing only in cash, U.S. Treasury obligations, which include securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government (“U.S. Treasury Obligations”), and repurchase agreements collateralized by U.S. Treasury Obligations and cash. The Fund will invest in securities with maturities of (or deemed maturities of) 397 days or less and will maintain a dollar-weighted average portfolio maturity of 60 days or less and a dollar-weighted average portfolio life of 120 days or less.
The Fund may also invest in one or more other pooled investment vehicles managed by third-party investment managers or the Investment Manager or an affiliate thereof that invest in the same types of securities in which the Fund may invest directly (“Underlying Funds”). Underlying Funds may include investment companies registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”).
The Fund may also invest in or otherwise hold one or more stablecoins and similar yield-bearing digital asset instruments, including in connection with investors that subscribe for Shares (as defined below) in-kind with stablecoins and such instruments instead of U.S. dollars, including subscriptions executed through Atomic Swaps (as defined below), and in connection with processing redemption transactions.
For the purposes of satisfying the Fund’s investment strategy of investing only in cash, U.S. Treasury Obligations and repurchase agreements collateralized by U.S. Treasury Obligations and cash, investments in Underlying Funds, stablecoins and similar yieldbearing digital asset instruments will be considered as if they are invested in cash and such securities.
For the purposes of this Memorandum, the Fund’s investments are collectively referred to as “Investments”. While the Fund intends to invest in the manner described above, the Fund will also remain opportunistic and may pursue other investment opportunities.
There can be no assurance that the Fund will achieve its investment objective; you could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per Share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or a deposit of a bank and is not insured or guaranteed by the U.S. Federal Deposit Insurance Corporation or any other government agency. You should not expect that the Investment Manager or its affiliates will provide financial support to the Fund at any time, including during periods of market stress. (Data from Coingecko)
What is the current price of VanEck Treasury Fund (VBILL)?
VanEck Treasury Fund (VBILL) current price is $1.00, down 0% today.
What is the daily trading volume of VanEck Treasury Fund (VBILL)?
VanEck Treasury Fund (VBILL) daily trading volume is $0
What is the market cap of VanEck Treasury Fund (VBILL)?
VanEck Treasury Fund (VBILL) current market cap is $74.5M
What is the circulating supply of VanEck Treasury Fund (VBILL)?
VanEck Treasury Fund (VBILL) current circulating supply is 74.5M
What is the fully-diluted market cap (FDV) of VanEck Treasury Fund (VBILL)?
VanEck Treasury Fund (VBILL) fully diluted market cap (FDV) is $74.5M
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