21Shares Seeks SEC Approval for Solana ETF

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

The product is expected to be listed on the Cboe BZX platform, though the ticker remains unspecified. Coinbase Custody Trust Company will serve as the custodian for SOL.

21Shares filed the documents a day after VanEck. Previously, both companies had submitted updated applications for spot Ethereum ETFs.

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

Over the past 24 hours, the asset has fallen by 3.3% (CoinGecko). At the time of writing, SOL is trading around $141.

Previously, Matrixport co-founder Daniel Yan suggested that the asset could be the next candidate for an ETF launch. Standard Chartered’s head of research, Geoffrey Kendrick, also predicted the emergence of a SOL ETF in 2025.

This view is shared by Ripple CEO Brad Garlinghouse and Galaxy Digital CEO Mike Novogratz.

GSR has speculated that Solana could increase in value by 1.4 to 8.9 times if the SEC approves spot ETFs based on the cryptocurrency.

However, the chances of launching a SOL ETF in the next 12 months are closely linked to the prospect of a change in the U.S. presidency, according to Bloomberg analyst Eric Balchunas.