The post 21shares files for Solana ETF in the US, calls a necessary step appeared on BitcoinEthereumNews.com.

Key Takeaways 21Shares has filed for a Solana ETF named “21Shares Core Solana ETF. The filing was made shortly after VanEck’s similar Solana ETF proposal. Following a move by VanEck on Thursday, asset manager 21Shares filed for a Solana (SOL) exchange-traded fund (ETF) today titled “21Shares Core Solana ETF.” Additionally, 21Shares went to X to share they are “excited by the potential for an exchange-traded product (ETP) in the US that provides access to the Solana ecosystem.” The asset management firm stated that this is a necessary step for the crypto industry and it holds the company’s mission to make financial products easily accessible through crypto. Additionally, 21Shares praised Solana’s speed and cost efficiency as VanEck did yesterday. “The Solana ecosystem evolved quickly, boasting unparalleled speeds and cost efficiency. On June 28, 2021, exactly three years ago to the day, 21Shares, through its affiliate 21Shares AG, announced the launch of the world’s first Solana ETP. The 21Shares Solana Staking ETP (ASOL) has over $950mn in assets under management as of May 31, 2024 and represents our largest product in the European market.” Notably, the firm highlighted that any future Solana ETP registered under the Securities Act of 1933 is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. “Shares of any 33 Act trust are not subject to the same regulatory requirements as mutual funds.” Moreover, 21Shares filed for an S-1 form, an initial registration required by the US Securities and Exchange Commission (SEC) before a security can be publicly traded. A part of the crypto community is skeptical about the approval of a spot SOL ETF, as SOL doesn’t have a regulated futures market in the Chicago Mercantile Exchange (CME) as Bitcoin and Ethereum have.…

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Filed under: News - @ June 28, 2024 5:22 pm