21Shares files for Solana (SOL) spot ETF
- 21Shares has filed a Solana (SOL) ETF, with its Core Solana ETF application coming a day after VanEcks Solana Trust.
- SOL price hovered around $142 after the news, having soared after VanEcks filing on Thursday.
The Solana (SOL) ETF mania is picking momentum with yet another issuer filing for a spot Solana ETF.
A day after VanEck filed for a similar exchange-traded fund with the US Securities Exchange Commission (SEC), 21Shares has submitted its own application.
21Shares files for Solana ETF
According to the filing, the 21Shares Core Solana ETF will trade on the Cboe BZX Exchange and track the performance of SOL, the native digital asset of the Solana blockchain.
21Shares is excited by the potential for an exchange traded product (ETP) in the US that provides access to the Solana ecosystem. We believe this is a necessary step for the crypto industry and it holds true to our mission to bring to market easily accessible financial products centered around crypto assets, the firm wrote on X.
VanEck first to file SOL ETF in the US
VanEck and 21Shares are now the first two asset managers to file for SOL spot ETFs in the US and could be a matter of who next as the industry gears up for the spot Ethereum ETFs. The SEC approved Ether ETFs in May and experts say the final nod before products hit exchanges could come as soon as next week.
For Solana, Bloomberg senior ETF analyst Eric Balchunas says that it may be too early to pin a date to potential approval. However, the odds of a Solana ETF being approved in next 12 months may improve significantly if Trump wins this years election.
SOL price amid ETF news
On Thursday, Solana price rose sharply as the market reacted to VanEcks filing.
On Friday, the cryptocurrency pared most of the gains as the broader ecosystem heaved under continued downside pressure.
However, as Bitcoin struggled below $61k and Ether battled near $3,400, SOL was looking to rebound above $142. Unlike BTC and ETH that were down 4.5% and 3% respectively over the past week, Solanas price was up 8%.
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