21Shares Files for Solana ETF in US, Following VanEck's Footsteps

Bittime - In line with VanEck's application for the first Solana ETF in the US, as previously reported by CNF, 21Shares has also submitted an application for a Solana ETF in the US. The 21Shares Core Solana ETF aims to provide a convenient and cost-effective method for investors to gain exposure to Solana without having to invest directly in the cryptocurrency.

Optimism About Solana ETFs

This recent news highlights how 21Shares' application for a Solana ETF in the US follows recent moves from VanEck. As stated by Collin Brown in his latest tweet, this move emphasizes the growing optimism towards the Solana ETF amidst the evolving crypto regulatory dynamics.

Brown explained that VanEck's decision to propose a Solana ETF was based on the belief that SOL, Solana's native token, functions similarly to other digital commodities such as Bitcoin and Ethereum. Much like ether's role on the Ethereum network, SOL is used to pay for transaction fees and computing services on the Solana blockchain.

Key Information About 21Shares Application

In this article, we discuss key aspects in detail about 21Shares' filing of a registration statement with the SEC for a new exchange-traded fund (ETF) focused on Solana (SOL):

Investment Objectives: This ETF aims to track the performance of Solana (SOL), adjusted for the Trust's fees and liabilities. Operational Structure: 21Shares US LLC sponsors the Trust, with CSC Delaware Trust Company as trustee and Coinbase Custody Trust Company, LLC as custodian. Official Participants: Shares are created and redeemed by Authorized Participants by depositing cash, with SOL transferred into and out of the Trust in blocks of 10,000 shares (Baskets). Public Offering: Shares of the ETF will be offered to the public, with the initial Seed Creation Basket purchased for $50.00 per share.

Market Context

This filing by 21Shares follows a similar move from VanEck, which highlighted the growing interest in Solana-based ETFs in the US market. As proposed by CNF, if VanEck files for the first Solana ETF in the US, will the price of SOL skyrocket? At the time of writing, Solana (SOL) is trading at $148.46 with a rise of 6.20% in the past day and a surge of 16.48% in the past week, indicating a significant upward pattern in SOL prices.

Conclusion

21Shares' move to file for a Solana ETF in the US reflects growing optimism towards this digital asset. With the growing number of applications for Solana ETFs, investor interest in this cryptocurrency is expected to continue to grow. This filing, along with a similar move from VanEck, shows the huge potential for Solana-based ETFs in the US market.

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