21Shares filed an S-1 application with the US Securities and Exchange Commission on June 28, marking a significant step towards launching a spot Solana exchange-traded fund (ETF). This move follows VanEck’s similar filing a day earlier, marking a growing interest in Solana (SOL) within the ETF market.
Named the 21Shares Core Solana ETF, the fund plans to list on the Cboe BZX Exchange. Coinbase has been chosen as the custodian for the ETF’s Solana assets, which will be privately insured and stored in segregated wallets on the Solana blockchain.
Unlike other crypto ETFs, the 21Shares ETF will not engage in SOL validation or staking. Its share value will be calculated every 15 seconds, with SOL’s daily value set at 4:00 pm ET.
Based in Zurich, Switzerland, 21Shares is known for pioneering crypto ETFs. It has already launched futures Ether, Bitcoin ETFs, and more in the US through ARK Invest partnerships. The announcement of their filing for a Solana ETF has already made waves, pushing SOL’s price from $139 to $150 following VanEck’s filing.
This latest move by 21Shares adds complexity to its ETF history. It includes previous attempts to launch a spot ETH ETF, which faced setbacks. However, the approval of their ETH ETF filing and strategic shifts highlight their adaptive approach to navigating regulatory challenges.
