21Shares Proposes Solana ETF to SEC, Following VanEck's Similar Move
Summary:
Zurich-based fintech firm, 21Shares, has submitted an application to the U.S. SEC to establish a Solana spot ETF, marking the second such request. The proposed ETF, slated for trading on the Cboe BZX Exchange, will be overseen by Coinbase, and won't partake in SOL validation or staking. This development follows a swift rise in the SOL price upon recent news of a similar filing by VanEck. 21Shares currently provides Ethereum and Bitcoin ETFs to U.S. investors.
21Shares submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) on June 28, to create a Solana spot exchange-traded fund (ETF), named the 21Shares Core Solana ETF. This makes it the second proposal the SEC has encountered for a Solana spot ETF, following VanEck's submission on June 27. The intended ETF is slated for trade on the Cboe BZX Exchange, with Coinbase acting as the custodian for the ETF's Solana (SOL) assets, covered by private insurance. Notably, the ETF will not be involved in the validation or staking of SOL. The SOL value within the ETF will be recalculated on a daily basis at 4:00 ET. The company, 21Shares, is a Zurich-based fintech company with a natural affinity for cryptocurrencies, it currently provides U.S. investors with Ethereum (ETH) and Bitcoin (BTC) ETFs. Upon the news of VanEck's filing, SOL's value surged from $139 to $150, before settling at $141.58 at noon ET, as indicated by CoinMarketCap. More details of this unfolding story will be provided as they emerge.
Published At
6/28/2024 7:43:26 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.