Spot Solana ETFs Heat Up as 21Shares Joins VanEck in Race for Dominance
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The race for approval of Solana Spot ETFs has intensified as 21Shares filed a proposal with the U.S. Securities and Exchange Commission for approval of an ETF based on the Solana (SOL) spot price. US-based Spot Solana ETFs will be available for trading on ETFSwap (ETFS) if the SEC deems 21Share's application worthy of approval.
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ETFSwap (ETFS) is a platform designed to help traders and investors access tokenized ETFs while allowing them to make the most of their investments. Thanks to the birth of the platform on the highly scalable and secure Ethereum blockchain, users can manage their investments with true security, transparency and efficiency.
ETFSwap (ETFS)'s mission to provide the best ETF trading platform has led it to constantly update its list of available ETFs. Therefore, traders and investors have access to a wide range of assets, including bonds, stocks, etc., and crypto ETFs like Bitcoin ETFs and Solana Spot ETFs when they are finally launched.
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21Shares Files Spot Solana ETF Proposal to SEC
A document circulating on the internet has confirmed that 21Shares, a provider of crypto investment products, filed a proposal for Spot Solana ETF with the SEC on Friday. The news came just a day after VanEck filed a similar proposal, showing increased interest in crypto ETFs, especially the Spot Solana ETFs.
Solana is the fifth-largest cryptocurrency by market cap, so it's no surprise that blockchain is a top contender for ETF support. Since news of the 21Shares proposal broke, Solana has risen 10.06% from last week's price and is currently trading at $152.77.
21Shares expressed its excitement about providing access to the Solana ecosystem through the US-based Spot Solana ETF. 21Shares stands out in the financial sector for fostering exposure to crypto assets through exchange-traded products. You already have a Spot Bitcoin ETF and an ARK 21Shares Bitcoin ETF (ARKB). The company is also one of nine awaiting SEC approval of its Ethereum spot ETF.
Additionally, 21Shares' current offerings include a Solana Stake ETP on European exchanges that tracks Solana's performance and captures staking returns to reinvest in the fund. That ETP has more than $846 million in assets under management, while its Bitcoin ETF, ARKB, has attracted more than $2.4 billion in capital inflows.
Conclusion
21Shares' entry into the race for Spot Solana ETFs further fuels the growing interest in crypto ETFs. If the day comes when Spot Solana ETFs receive full support from the SEC, ETFSwap (ETFS) is prepared to help traders and investors access the investment vehicles and maximize their profits.
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