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21Shares Submits Application For Solana ETF – Crypto News

Published

2 years ago

June 28, 2024

Dripp

Swiss-based Asset Management firm 21Shares has filed a solo application to list a Solana ETF in the United States. This filing comes in just about 24 hours after major rival VanEck pioneered the move.

The Growing Race for Solana ETF

According to the filing from 21Shares, the filing is hinged on the premise that Solana is not a security under US laws. Should the digital currency become labeled as a security by the United States Securities and Exchange Commission (SEC), 21Shares might pull its application. Backtracking on its push is hinged on the likelihood that 21Shares might be unwilling to push to meet additional registration requirements.

The conversation surrounding a Solana ETF became ignited when the SEC approved spot Bitcoin ETF trading. The altcoin pitch for the product also grew with the 8 Ethereum ETF approvals last month. If the permutations that made the SEC approve Ethereum is applied, 21Shares and VanEck remain optimistic that Solana might also get approval for its ETF.

This is a developing story, please check back for updates!