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08 July 2024
21Shares Submits Application to Launch Solana-based ETF

The Swiss company 21Shares has submitted an S-1 form application to the U.S. Securities and Exchange Commission (SEC) to register an exchange-traded fund (ETF) based on the cryptocurrency Solana (SOL).

The product is planned to be listed on the Cboe BZX exchange, although the ticker is not yet known. Coinbase Custody Trust Company will act as the custodian for SOL.

21Shares submitted the documents the day after VanEck. Both companies had previously updated their applications for spot Ethereum-ETFs.

“21Shares is excited about the potential of launching an ETF in the U.S. that will provide access to the Solana ecosystem. We believe this is a crucial step for the crypto industry and aligns with our mission to bring accessible financial products focused on crypto assets to the market,” The Block quotes the company’s General Counsel Andrew Jacobson as saying.

It is worth noting that GSR suggests that Solana could increase in value by 1.4–8.9 times if the SEC approves spot exchange-traded funds based on this cryptocurrency.

Bloomberg analyst Eric Balchunas noted that the chances of launching a SOL-ETF in the next 12 months are closely tied to the prospect of a change in the U.S. presidency.