Asset management company, 21Shares, also filed for an Exchange-Traded Fund (ETF) #Solana , making it the third large company to file this month.

#ETF Solana was proposed by 21Shares to track the performance of Solana (SOL) by aggregating the notional value of SOL trading activity across major spot exchanges.

It is filled in according to the S-1 registration form that the company filed with the US Securities and Exchange Commission (SEC).

The filing follows a similar application by VanEck on June 27, which led to a 7% increase in SOL prices.


However, the 21Shares filing had no immediate impact on SOL's price, with the token trading at $140.2 at time of writing down more than 6%.

Additionally, Canadian fund manager 3iQ also filed for a spot Solana ETF earlier this month, aiming to launch the product's first in North America on the Toronto Stock Exchange.

This move highlights the growing confidence and interest in Solana as an asset worthy of institutional investment.

The surge in interest around the Solana ETF comes as the crypto market anticipates regulatory changes and increased acceptance.

Eric Balchunas, senior ETF analyst at Bloomberg, notes that the chances of approval for this are closely tied to potential shifts in the US presidency and regulatory stance;

“The knee-jerk reaction here is, ‘Oh, this will never get approved because there are no Solana futures,’ but if there is a change in POTUS, I think anything is possible.”

Following the approval of an Ether spot ETF in May, Bernstein analysts suggested that SOL might also be classified as a commodity.

This follows the SEC's decision to halt its investigation into Ethereum 2.0, indicating a shift in the way the agency views certain digital assets.

While the regulatory landscape remains uncertain, many industry experts believe that Solana's prominence in the crypto market makes it a strong candidate for ETF approval.

Supporters of the Solana ETF

CNBC's Brian Kelly recently highlighted SOL as the next major crypto asset to potentially receive ETF approval, following Bitcoin and Ethereum.

He noted the success of the #Bitcoin❗ ETFs, which have collectively accumulated large amounts of Bitcoin.

Valued at approximately $58 billion, indicating strong demand for regulated crypto investment products.

VanEck's head of digital research, Matthew Sigel, also recently made similar comments.

Comparing Solana to other digital commodities such as Bitcoin and Ether, highlights its use in transactions and computing services on the blockchain.

He stressed $SOL 's strong attributes, including high throughput, low transaction costs, strict security protocols and a vibrant community, position it well for an ETF.

As the crypto market evolves and regulatory frameworks adapt, the potential of a Solana spot ETF becomes a growing reality.