21Shares Officially Files for Spot Solana ETF

Joshua Ramos
Source: 21Shares

21Shares has officially filed for a Spot Solana ETF. Indeed, the Spot Bitcoin ETF issuer filed a new crypto-based ETF with the US Securities and Exchange Commission (SEC) Friday. The filing is the second SOL ETF application made this week, following VanEck’s yesterday.

A recent report from GSR shows that Solana is the token most likely to get the next investment offering. Earlier this year, both Bitcoin and Ethereum were greenlit for exchange-trade products, with the market anxiously awaiting which crypto could be next.

Also Read: VanEck Files for Spot Solana ETF

21Shares is Second to File for Spot Solana ETF

In what is certainly a notable development for the industry as a whole, 21Shares has filed for a Spot Solana ETF with the SEC. The official filing seeks to offer the exchange-traded product “on the Cboe BEZX exchange.” Moreover, the product will present a “convenient and cost-effective method for investors to gain investment exposure to SOL without making a direct investment in SOL.”

VanEck submitted a similar filing yesterday. The firm’s Head of Digital Assets Research, Matt Sigel, recently discussed the decision. “We believe that the regulatory landscape is shifting,” Sigel told The Block. Therefore, he noted that the current climate represented a key time to try and get the process started.

Source – CoinGape

Also Read: Solana Adds New Feature To Allow Crypto Transactions On Any Website

21Shares has seemingly agreed with the action they took to end the week. Moreover, the applications follow recent GSR data that supported the growing demand for the SOL-based investment product. The metrics showed that the token has clearly established itself alongside BTC and ETH as the market’s three biggest assets.

When measuring decentralisation and demand, GSR noted SOL was a natural follow-up to the two previous ETF approvals. The firm said Solana “outpaced the next closest digital asset by a large margin and was the only other besides Ethereum to have positive scores for both decentralization and demand.”