Breaking News: 21Shares Files for Solana ETF with SEC
In a recent development in the cryptocurrency industry, investment firm 21Shares submitted an S-1 registration form for a Spot Solana ETF with the US Securities and Exchange Commission (SEC) on Friday. This move comes following a similar filing by Bitcoin ETF issuer and asset manager VanEck on Thursday, signaling a growing interest in Solana as a potential competitor in the upcoming Ethereum ETF market, set to launch in July. Here’s what you need to know about 21Shares’ Core Solana ETF:
Introducing 21Shares Core Solana ETF
The 21Shares Core Solana ETF, outlined in the filing, aims to issue common shares of beneficial interest that will trade on the Cboe BZX Exchange. The investment objective of this ETF is to mirror the performance of SOL, offering investors a convenient and cost-effective way to gain exposure to SOL without directly investing in the asset. The ETF will hold SOL based on the index and evaluate its shares daily. Key points about the Trust include:
- Sponsored by 21Shares
- CSC Delaware Trust Company as trustee
- Coinbase Custody Trust Company as SOL custodian
SOL Price Behavior Post ETF News
Although the SEC’s approval for a Solana ETF is pending regulatory review and compliance, the recent filings indicate a rising demand for investment products linked to Solana’s digital assets. If approved, these ETFs would offer investors a regulated and accessible route to capitalize on Solana’s potential growth and performance. The market response to VanEck’s announcement was significant, with SOL price seeing a 9% recovery to $150 after an earlier drop to $121 in the week. However, a recent 4% correction has brought SOL’s current trading price to $142.
Hot Take: Implications of 21Shares’ Solana ETF Filing
The filing for a Solana ETF by investment firm 21Shares marks a notable development in the cryptocurrency space, indicative of the industry’s evolving landscape and increasing interest in alternative digital assets. If approved, this ETF could open the doors for more investment products centered around Solana and highlight the growing competition in the digital asset market. The potential for more filings with the SEC from industry giants following suit is also an intriguing possibility that could reshape the investment landscape.
Sources:
[SEC Filing](https://www.sec.gov/Archives/edgar/data/2028834/000121390024057001/ea0208625-s1_21shares.htm)
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