- 21Shares follows VanEck’s lead in filing for a Solana ETF in the US.
- The move underscores growing optimism for Solana amidst evolving crypto regulations.
In line with VanEck’s filing for the first Solana ETF in the US, as reported earlier by CNF, 21Shares has also submitted an application for a Solana ETF in the US. The 21Shares Core Solana ETF aims to provide investors with a convenient and cost-effective method to gain exposure to Solana without directly investing in the cryptocurrency.
This breaking news highlights how 21Shares’ application for a Solana ETF in the US follows VanEck’s recent lead. As addressed by Collin Brown in a recent tweet, the move underscores growing optimism for a Solana ETF amidst evolving crypto regulatory dynamics.
🚀 Breaking: 21Shares files application for a Solana ETF in the US, following VanEck’s lead. The move underscores growing optimism for a Solana ETF amidst evolving crypto regulatory dynamics. #Solana #ETF https://t.co/uXdceaopYk pic.twitter.com/aNYE5FJetS
— Collin Brown (@CollinBrownXRP) June 29, 2024
Brown explained that VanEck’s decision to file for a Solana ETF is grounded in the belief that SOL, Solana’s native token, functions similarly to other digital commodities like Bitcoin and Ethereum. Paralleling the role of ether on the Ethereum network, SOL is utilized for paying transaction fees and computational services on the Solana blockchain.
Key Information on 21Shares Filing
In this article, we discuss the key aspects in detailed of 21Shares filing a registration statement with the SEC for a new exchange-traded fund (ETF) focused on Solana (SOL):
- Investment Objective: The ETF aims to track the performance of Solana (SOL), adjusted for the Trust’s expenses and liabilities.
- Operational Structure: 21Shares US LLC sponsors the Trust, with CSC Delaware Trust Company as the trustee and Coinbase Custody Trust Company, LLC as the custodian.
- Authorized Participants: Shares are created and redeemed by Authorized Participants depositing cash, with SOL being transferred in and out of the Trust in blocks of 10,000 shares (Baskets).
- Public Offering: The ETF’s shares will be offered to the public, with initial Seed Creation Baskets purchased at $50.00 per share.
- Market Context: This filing by 21Shares follows VanEck’s similar move, highlighting increasing interest in Solana-based ETFs in the US market.
As CNF proposed, if VanEck files for the first Solana ETF in the US, will SOL’s price skyrocket? at the time of writing, Solana (SOL) is trading at $148.46 with an increase of 6.20% in the past day and a surge of 16.48% in the past week, indicating a skyrocketing pattern in SOL’s price. See the price chart of SOL below.
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