Solana ETF Race Gets Underway As 21Shares Files Application
Global investment firm 21Shares announced its participation in the race to launch a Solana exchange-traded fund (ETF) last Friday by filing a registration with the U.S. Securities and Exchange Commission (SEC), the primary regulator overseeing crypto ETFs. This move followed closely after VanEck filed for a Solana ETF, which immediately boosted the market price for SOL.
Huge Potential
If approved by the SEC, the first Solana ETFs in the U.S. would provide mainstream investors with exposure to the fifth most-traded cryptocurrency in the world, which currently holds a market cap exceeding $65 billion, according to CoinGecko. This potential launch builds on the success of bitcoin ETFs, which began trading in January and have already attracted $14.45 billion in investments.
The registration by 21Shares follows the successful introduction of a Solana exchange-traded product in Europe, which remains the largest product offering for the firm. Both 21Shares and competitor VanEck submitted S-1 forms this week, a prerequisite for ETFs to publicly trade in the U.S., signaling heightened institutional interest in funds based on Solana.
The Importance Of ETFs
Andrew Jacobson, VP and Head of Legal at 21Shares, said that the company is enthusiastic about the prospect of a U.S.-based ETF that provides exposure to the Solana ecosystem, before adding that this is a pivotal development for the crypto industry.
Jacobson is not wrong, as ETF approval has vastly benefited the crypto sector in the past and will most likely do it again. The Solana ETF potentially being approved also aligns with the overall goal of 21Shares which is to focus on introducing accessible financial products focused on crypto assets to the market.
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