21Shares files application for Spot Solana ETF
21Shares filed an S-1 filing with the United States Securities and Exchange Commission on June 28 for the Spot Solana Exchange-Traded Fund (ETF). The fund is called the 21Shares Core Solana ETF. This is the second application the SEC has received for the Spot SOL ETF, following VanEck's filing on June 27.
The proposed ETF is traded on the Cboe BZX exchange. Coinbase will act as a custodian for the fund's Solana (SOL) holdings, which will be privately insured. The fund's assets are held in distributed wallets on the Solana blockchain. The fund is not involved in verifying or incorporating SOL. The intraday price of shares is calculated every 15 seconds. The SOL price in the Fund is determined daily at 4:00 PM ET.
21Shares is a pioneer of crypto ETFs.
21Shares is a crypto-native financial technology company headquartered in Zurich, Switzerland. It offers Ether (ETH) futures and spot and Bitcoin (BTC) futures ETFs in partnership with ARK Invest in the United States. Additionally, 21Shares and ARK Invest offer ETF investing in BTC and ETH futures and public equity of companies involved in the blockchain industry and digital economy.
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The price of SOL increased rapidly from $139 to $150 on the latest news of VanEck's filing. It traded around $141 at 12:00 pm ET, according to CoinMarketCap.
21Shares ETFs have a complicated history.
21Shares filed for an ETH ETF on May 31, called the 21Shares Core Ethereum ETF, after ARK Invest finalized its partnership with the company for that filing. The ARK 21Shares spot ETH ETF 19b-4 filing was approved by the SEC on May 23. The SEC approves S-1 filings separately after 19b-4 filings. The partners initially planned to offer an ETH ETF with shares, but changed their plans.
SOL is the fifth largest crypto by market value. The Solana blockchain has been criticized for frequent outages and slow processing during busy periods.
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This is a developing story, and more information will be added as it becomes available.
