- 21Shares intends to list the prospective ETF on the Cboe BEZX exchange.
- According to 21Shares and VanEck, Solana has a good chance of getting its ETF approved.
21Shares, an asset management business located in Switzerland, has applied to launch a Solana ETF in the US. Subsequent to the pioneering action by big competitor VanEck, this filing arrives right after.
The application is based on the idea that Solana does not qualify as a security in the United States, as stated in the 21Shares filing. 21Shares may withdraw its support for the cryptocurrency if the SEC classification of it as a security is announced.
Moreover, after the SEC greenlit spot Bitcoin ETF trading, speculation about a Solana ETF began to heat up. Last month, eight Ethereum ETFs were approved, which further increased the altcoin push. According to 21Shares and VanEck, Solana has a good chance of getting its ETF approved. If the same combinations that got Ethereum approved by the SEC are used.
More Proposals Likely to Follow
21Shares intends to list the prospective ETF on the Cboe BEZX exchange. The Solana ETF, similar to other newly authorized crypto ETFs, is marketed as an easy and inexpensive way for investors to get exposure to SOL without actually buying the currency. Also, investors may avoid the hazards of owning these cryptocurrencies by using this method.
According to Matt Sigel, head of digital assets research at VanEck, the firm is proceeding with the application for the Solana ETF because it feels the regulatory landscape is changing. The most recent action by 21Shares seems to indicate that it shares VanEck’s view on the shift in regulation around digital assets. Other asset managers may follow and submit further proposals in the next few weeks.
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