Golden Finance reported that 21Shares submitted an S-1 document for its spot Solana ETF in the United States, and its competitor VanEck submitted the document before that. 21Shares became the second company to apply to launch a Solana ETF in the United States. Like VanEck, 21Shares also believes that Solana's native token should be considered a commodity. However, the U.S. Securities and Exchange Commission (SEC) Enforcement Division stated that SOL is a security, which may become a major obstacle to the launch of these funds. According to reports, 21Shares SOL will have its funds managed by Coinbase Custody.