Key Takeaways
- 21Shares has filed for a Solana ETF named “21Shares Core Solana ETF.
- The submitting was made shortly after VanEck’s comparable Solana ETF proposal.
Share this text
Following a transfer by VanEck on Thursday, asset supervisor 21Shares filed for a Solana (SOL) exchange-traded fund (ETF) right now titled “21Shares Core Solana ETF.” Moreover, 21Shares went to X to share they’re “excited by the potential for an exchange-traded product (ETP) within the US that gives entry to the Solana ecosystem.”
The asset administration agency said that it is a essential step for the crypto business and it holds the corporate’s mission to make monetary merchandise simply accessible via crypto. Moreover, 21Shares praised Solana’s velocity and value effectivity as VanEck did yesterday.
“The Solana ecosystem developed rapidly, boasting unparalleled speeds and value effectivity. On June 28, 2021, precisely three years in the past to the day, 21Shares, via its affiliate 21Shares AG, introduced the launch of the world’s first Solana ETP. The 21Shares Solana Staking ETP (ASOL) has over $950mn in property below administration as of Might 31, 2024 and represents our largest product within the European market.”
Notably, the agency highlighted that any future Solana ETP registered below the Securities Act of 1933 is just not an funding firm registered below the Funding Firm Act of 1940 or a commodity pool for functions of the Commodity Alternate Act. “Shares of any 33 Act belief aren’t topic to the identical regulatory necessities as mutual funds.”
Furthermore, 21Shares filed for an S-1 kind, an preliminary registration required by the US Securities and Alternate Fee (SEC) earlier than a safety could be publicly traded.
Part of the crypto group is skeptical concerning the approval of a spot SOL ETF, as SOL doesn’t have a regulated futures market within the Chicago Mercantile Alternate (CME) as Bitcoin and Ethereum have.
Matthew Sigel, Head of Digital Property Analysis at VanEck, referred to as “silly” the concentrate on a “regulated market of great dimension.” “There are already commodity ETFs on transport, uranium & energy the place futures market is immaterial for value formation. Surveillance sharing agreements w/ spot crypto exchanges can obviate want for CME futures,” Sigel added.
Though SOL leaped 10% inside an hour after the VanEck submitting for an ETF turned public yesterday, the 21Shares information didn’t have the identical affect right now. On the time of writing, SOL went up by simply 0.3% within the final hour and down by 3.5% over the earlier 24 hours.
It is a growing story: We’ll give updates on the state of affairs as we be taught extra.
Share this text