SOL Strategies to provide staking services for VanEck's Solana ETF

Solana treasury firm SOL Strategies will provide staking services for the VanEck's Solana exchange-traded fund, the company announced Monday.

According to its press release, VanEck selected SOL Strategies to stake the SOL holdings of its ETF, which recently filed the 8-A statement to the Securities and Exchange Commission. The staking will be made through SOL Strategies' Orangefin validator that it acquired last December.

The Solana treasury firm currently operates ISO 27001 and SOC 2-certified validators that secure over CAD$610 million ($437 million) in staked assets.

"SOL Strategies' proven track record in validator operations and institutional focus made them a natural choice for our Solana ETF staking requirements," said Kyle DaCruz, director of digital assets product at VanEck.

Being chosen by VanEck advances SOL Strategies' mission to bridge traditional finance with decentralized infrastructure, the company said in the release.

"This selection validates our infrastructure capabilities and highlights the institutional interest in compliant, high-performance Solana staking solutions," said Michael Hubbard, interim CEO of SOL Strategies.

Toronto-based SOL Strategies rebranded from Cypherpunk Holdings last year to focus on participating and investing in the Solana ecosystem. It holds 524,000 SOL in its treasury, according to its official website.

It is listed under ticker HODL on the Canadian Securities Exchange, and trades on the Nasdaq Capital Market under ticker STKE. HODL closed last Friday down 5.85% at CAD$3.38, while STKE fell 6.23% to $2.41.

Meanwhile, the U.S. has seen two Solana ETFs launched so far, from Bitwise (BSOL) and Grayscale (GSOL). Since BSOL's first day of trading on Oct. 28, the two funds have drawn in $382 million worth of inflows.