The post Another Solana ETF Filing Lands in US as 21Shares Follows VanEck’s Lead appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports 21Shares has filed with the United States Securities and Exchange Commission (SEC) to launch the 21Shares Core Solana ETF, following VanEck’s recent similar move to debut its own spot Solana ETF.  This ETF, designed to track the performance of Solana (SOL), aims to provide a convenient and cost-effective way for investors to gain exposure to SOL without direct investment, according to the filing. The 21Shares Core Solana ETF will trade on the Cboe BZX Exchange, if approved. The ETF’s objective is to mirror the performance of Solana’s native token, SOL, adjusted for the fund’s expenses and liabilities.  The SOL held by the ETF will be custodied by Coinbase Custody Trust Company, a regulated third-party custodian. The ETF will not directly invest in derivatives, and aims to maintain its holdings in SOL to match the value of its shares. The sponsor, 21Shares US LLC, will oversee the trust’s operations and ensure that the ETF’s shares are valued daily based on an index reflecting SOL’s performance in U.S. dollars. Authorized participants can create and redeem shares by depositing cash with the trust. The cash is then used to purchase SOL from designated third parties, known as SOL counterparties, who will handle the transactions and transfer SOL to the trust’s custodian. This process ensures that the ETF’s shares reflect the value of the SOL holdings accurately. The trust plans to redeem shares by transferring SOL to the counterparties, who will sell the SOL and deposit the cash proceeds back to the trust. This method allows the trust to manage its assets efficiently while providing liquidity to investors. The filing…

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Filed under: News - @ June 30, 2024 1:22 am