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21Shares Files for Authorization to Offer Solana Cryptocurrency-Linked ETFs — TradingView News
Digital asset investment management firm 21Shares asked permission from U.S. regulators on Friday to launch an exchange-traded fund tied to the spot price of the Solana crypto token.
It was the second such move in a matter of days, following a similar move by VanEck on Thursday. The Securities and Exchange Commission approved spot bitcoin ETFs offered by both firms, among others, in January after a lengthy battle. Both VanEck and 21Shares are among the asset managers awaiting SEC approval to launch spot ETFs tied to the price of ethereum, the second-largest cryptocurrency.
The CBOE, the exchange on which both asset managers intend to list the Solana ETFs if approved, still needs to seek regulatory approval to change its rules to allow trading of these new products. People involved in discussions about Solana, who declined to be identified because of the confidentiality of the process, said the presentation could happen within days or weeks. A CBOE spokeswoman declined to comment.
A third asset manager, Canadian 3iQ, filed in early June for approval from Ontario regulators to list a similar Solana-based product on the Toronto Stock Exchange. Solana is the fifth-largest cryptocurrency by market capitalization, according to CoinGecko.
According to CoinGecko, the three registrations helped push Solana’s price up 9.4% over the past seven days, even as bitcoin and ether prices fell 4.6% and 2.8%, respectively.
So far, however, no Solana futures contracts have been traded on the CME. ECMin contrast to the model of both bitcoin and ether. The SEC approved futures-based ETFs tied to both tokens before considering spot products.
However, the existence of futures contracts “should not be the sole criterion for ETF eligibility,” said Andrew Jacobson, chief legal officer at 21Shares.