21Shares files application for spot Solana ETF

Derek Andersen7 hours ago21Shares files application for spot Solana ETFThe proposed fund would be called the 21Shares Core Solana ETF and would not participate in staking SOL.775 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networks21Shares filed an S-1 application with the United States Securities and Exchange Commission for a spot Solana exchange-traded fund (ETF) on June 28. The fund will be called the 21Shares Core Solana ETF. This is the second application the SEC has received for a spot SOL ETF, following VanEck’s filing on June 27.

The proposed ETF will trade on the Cboe BZX Exchange. Coinbase will serve as the custodian for the fund’s Solana (SOL) holdings, which will be insured privately. The fund’s assets will be held in segregated wallets on the Solana blockchain. The fund will not participate in validating or staking SOL. The intra-day value of shares will be calculated every 15 seconds. The alue of SOL in the fund will be determined daily at 4:00 pm ET.21Shares is a crypto ETF pioneer

21Shares is a crypto-native financial technology company headquartered in Zurich, Switzerland. It already offers future Ether (ETH) and spot and future Bitcoin (BTC) ETFs in the United States in partnership with ARK Invest. In addition, 21Shares and ARK Invest offer an ETF investing in BTC and ETH futures and public equities of companies engaged in the blockchain industry and digital economy.

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The price of SOL rose rapidly from $139 to $150 on the recent news of the VanEck filing. It traded around $141 at 12:00 pm ET, according to CoinMarketCap. Source: Nate Geraci21Shares ETFs have a complicated history

21Shares applied for a spot ETH ETF on May 31, called the 21Shares Core Ethereum ETF, after ARK Invest ended its partnership with the company for that application. 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 had originally planned to offer an ETH ETF with staking, but changed their plans. 

SOL is the fifth largest crypto by market cap. The Solana blockchain has been criticized for frequent outages and slow processing when congested.

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This is a developing story, and further information will be added as it becomes available.# Altcoin# Business# SEC# SolanaAdd reaction