21Shares files for Solana spot ETF

Following VanEck, 21Shares became the second entity to apply to establish a Solana spot ETF with the name "21Shares Core Solana ETF" according to the S-1 filing.

On the evening of June 28, 2024, the crypto community once again made waves when 21Shares submitted an application to establish the Solana Spot ETF with the US Securities and Exchange Commission (SEC).

This move makes 21Shares the second organization to file an S-1 to launch the Solana spot ETF, just 1 day after rival VanEck "fired the first shot" for the Solana ETF.

According to the application, the entity filed an S-1 filing to establish a Solana Spot ETF called  “21Shares Core Solana ETF,” which aims to track the price performance of SOL.

According to the S-1 filing, the fund's objective is to provide investors with easy access and affordable means to invest in SOL without having to directly hold SOL. The redemption of shares of this Solana ETF will also be done in SOL tokens, meaning that when investors want to withdraw money from the fund, they will receive SOL instead of cash.

Additionally, 21Shares' Solana ETF will not engage in staking activities to earn additional SOL or generate profits from similar activities. 21Shares' Core Solana ETF, if listed, will trade on the Cboe BZX exchange similar to the VanEck Solana Trust. 

Even so, the price of $SOL has not changed much, currently trading at 141.5u, up 1% in the past 24 hours.

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