21Shares has become the latest investment firm to file an application for a Solana-based exchange-traded fund (ETF).
This comes just a day after a similar filing was submitted by VanEck on Thursday.
As reported by U.Today, ETF analyst James Seyffart predicted that such a product could be approved no earlier than 2025.
Meanwhile, the U.S. Securities and Exchange Commission is on track to wrap up the approval of multiple Ethereum ETFs by July 4, according to a recent report by Reuters.
Eric Balchunas, Bloomberg's senior ETF analyst, has so far refrained from naming exact approval odds since he believes that is too early.
Despite the most recent 21Shares filing, the Solana (SOL) price is down 4.5% over the past 24 hours. For comparison, it surged by more than 6% on the VanEck news.