Investment Firms Queue Up for Solana: Another Application Arrives
The competition among investment firms to launch cryptocurrency exchange-traded funds (ETFs) is heating up, with 21Shares recently joining VanEck in submitting an application for a Solana (SOL) ETF. This move comes on the heels of the Securities and Exchange Commission's (SEC) approval of spot bitcoin ETFs from both firms earlier this year, following a protracted approval process. Now, both VanEck and 21Shares are eagerly awaiting SEC approval to launch spot ETFs tied to Ethereum's price, positioning themselves among the asset managers striving to capitalize on the ETF market's potential.
Specifically, both firms are eyeing a listing for their Solana ETFs on the CBOE exchange, pending necessary regulatory permissions. Insiders familiar with the Solana discussions, speaking on condition of anonymity due to the sensitive nature of the matter, hinted that the application could see progress within the coming weeks.
Meanwhile, Canada-based 3iQ has also made significant strides by applying to list a Solana-based product on the Toronto Stock Exchange, seeking approval from Ontario regulators since early June. This move underscores the increasing interest in Solana as a viable investment asset within the cryptocurrency ETF landscape.
It's important to note that prior to the approval of spot ETFs for Bitcoin and Ethereum, the CME exchange already offered futures contracts for these cryptocurrencies.
Andrew Jacobson, a prominent figure at 21Shares, emphasized that while a Solana ETF is significant, it shouldn't be the sole criterion for evaluating its attractiveness as an investment. He stressed the importance of considering broader market dynamics and investor sentiment in the cryptocurrency space.
As developments continue to unfold, investors and industry observers are advised to stay informed for further updates.
