World Crypto Global
BREAKING: 21Shares Joins Race To Launch Spot Solana ETF
In a significant development for the cryptocurrency industry, investment firm 21Shares filed an S-1 registration form for a Spot Solana ETF with the US Securities and Exchange Commission (SEC) on Friday. The 21Shares application follows a similar filing by Bitcoin ETF issuer and asset manager VanEck on Thursday, indicating a growing interest in Solana as a potential competitor to the anticipated Ethereum ETF market, which is expected to begin trading in July. 21Shares Introduces Core Solana ETF The 21Shares Core Solana ETF, as described in the filing, is designed to issue common shares of beneficial interest that trade on the Cboe BZX Exchange. Related Reading: SOL Price Soars As First-Ever Solana ETF Filing Surfaces In The US Its investment objective is to track the performance of SOL, providing investors with a convenient and cost-effective method to gain exposure to SOL without making a direct investment in the asset. Based on the index, the ETF will hold SOL and value its shares daily. The Trust will be sponsored by 21Shares, with CSC Delaware Trust Company acting as the trustee. Coinbase Custody Trust Company will serve as the SOL custodian, holding all of the Trust’s SOL on its behalf. SOL Price Consolidates After Initial ETF Announcement While the SEC’s approval of a Solana ETF is subject to regulatory review and compliance, these filings demonstrate the increasing demand for investment products that expose Solana’s digital assets. If approved, the ETFs would provide investors with a regulated and accessible way to participate in Solana’s potential growth and performance. Related Reading: Bitcoin Miner Selling Cools Off Is This The Breakout Moment? Notably, this could be the start of new filings with the SEC by the world’s largest asset managers, as has already been the case with Bitcoin and Ethereum ETFs. Nonetheless, SOL has not had the same reaction as it did on Thursday with VanEck’s announcement of its Solana ETF filing, which sent SOLs price to a 9% price recovery towards $150 after a dip to $121 earlier in the week. Now SOL is trading at $142 due to a 4% price correction experienced over the past 24 hours. Featured image from DALL-E, chart from TradingView.com
