According to TechFlow, investment company 21Shares has submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) to apply for the launch of an exchange-traded fund (ETF) based on Solana (SOL). This is the second SOL ETF application in two days after VanEck.
21Shares head of legal affairs Andrew Jacobson said the company is excited about the potential of launching a Solana ecosystem ETF in the United States and believes it is a necessary step for the crypto industry.
21Shares’ planned Core Solana ETF will trade on the Cboe BZX exchange, and redemptions will be made in the form of SOL tokens.
Despite the increase in applications, legal experts believe the chances of a SOL ETF getting SEC approval remain low, citing factors including the lack of a regulated SOL futures market and the SEC’s previous classification of it as a security.
