On June 28, 21Shares submitted an S-1 application to the United States Securities and Exchange Commission (SEC) for a spot Solana exchange-traded fund (ETF), to be named the 21Shares Core Solana ETF.

This marks the second SEC filing for a spot SOL ETF, following VanEck’s submission on June 27.

The proposed ETF is slated to trade on the Cboe BZX Exchange, with Coinbase acting as the custodian for the fund’s Solana holdings, all of which will be privately insured.

Assets of the ETF will be stored in segregated wallets on the Solana blockchain.

Unlike some other funds, the 21Shares Core Solana ETF will not engage in validating or staking SOL.

The intraday share value will be recalculated every 15 seconds, while the valuation of SOL within the fund will be determined daily at 4:00 pm ET (09:00 pm UTC).

Headquartered in Zurich, Switzerland, 21Shares is a crypto-focused financial technology firm.

It already offers ETFs for future Ether, as well as spot and future Bitcoin in the U.S. market in collaboration with ARK Invest.

Additionally, the partnership provides an ETF that invests in BTC and ETH futures, along with publicly traded equities of companies involved in the blockchain and digital economy sectors.

READ MORE: Potential U.S. Spot Solana ETFs Could Skyrocket SOL Price by Ninefold, GSR Markets Predicts

Following VanEck’s filing on June 27, the price of SOL experienced a rapid increase from $139 to $150. As of 12:00 pm ET, SOL was trading at approximately $141, according to CoinMarketCap.

Previously, on May 31, 21Shares had applied for a spot ETH ETF named the 21Shares Core Ethereum ETF, after ending its partnership with ARK Invest for that specific application.

The SEC approved the ARK 21Shares spot ETH ETF 19b-4 filing on May 23. It is worth noting that S-1 filings, such as the one for the Solana ETF, are separately reviewed and approved by the SEC.

Solana (SOL) ranks as the fifth largest cryptocurrency by market capitalization.

However, the Solana blockchain has faced criticism for experiencing frequent outages and delays in transaction processing during periods of high congestion.

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