21Shares Files for Solana Spot ETF Following VanEck’s Application
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21Shares Files for Solana Spot ETF Following VanEck’s Application
Digital assets investment firm 21Shares has filed for regulatory approval to launch an exchange-traded fund (ETF) tied to the spot price of Solana (SOL). This filing, submitted on Friday, follows a similar move by VanEck just a day earlier.
Both filings come in the wake of the Securities and Exchange Commission's (SEC) approval of both spot Bitcoin and Ethereum ETFs so far this year. The Ethereum spot ETFs are currently in the process of being launched, with potential issuers finalizing the S1 forms with the SEC.
The Chicago Board Options Exchange (CBOE), where both firms plan to list their Solana ETFs if approved, must still seek regulatory approval to amend its rules to accommodate these new products. Solana currently ranks as the fifth-largest cryptocurrency by market capitalization.
Following these filings, Solana's price has surged, gaining by 16% over the past week to reach $147.35 at the time of writing. In contrast, Bitcoin and Ethereum gained by 0.7% and 2.5% respectively, underperforming Solana, according to CoinMarketCap data.
Despite the growing interest in Solana ETFs, no futures contracts on Solana are currently traded on the Chicago Mercantile Exchange (CME). This contrasts with Bitcoin and Ethereum, where futures-based ETFs were approved by the SEC before the spot products were considered.