{"id":334321,"date":"2024-06-30T03:44:28","date_gmt":"2024-06-29T22:14:28","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=334321"},"modified":"2024-06-30T03:44:28","modified_gmt":"2024-06-29T22:14:28","slug":"another-solana-etf-filing-lands-in-us-as-21shares-follows-vanecks-lead-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/another-solana-etf-filing-lands-in-us-as-21shares-follows-vanecks-lead-crypto-news\/","title":{"rendered":"Another Solana ETF Filing Lands in US as 21Shares Follows VanEck’s Lead – Crypto News"},"content":{"rendered":"
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21Shares has filed with the United States Securities and Exchange Commission (SEC) to launch the 21Shares Core Solana ETF, following <\/span>VanEck’s recent similar move<\/span><\/a> to debut its own spot <\/span>Solana<\/span><\/a> ETF.\u00a0<\/span><\/p>\n

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, <\/span>according<\/span><\/a> to the filing.<\/span><\/p>\n

The 21Shares Core Solana ETF will trade on the Cboe BZX Exchange, if approved. The ETF\u2019s objective is to mirror the performance of Solana\u2019s native token, SOL, adjusted for the fund\u2019s expenses and liabilities.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

The sponsor, 21Shares US LLC, will oversee the trust\u2019s operations and ensure that the ETF\u2019s shares are valued daily based on an index reflecting SOL\u2019s performance in U.S. dollars.<\/span><\/p>\n

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\u2019s custodian. This process ensures that the ETF’s shares reflect the value of the SOL holdings accurately.<\/span><\/p>\n

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.<\/span><\/p>\n

The filing includes provisions that if Solana is determined to be a security and the ETF sponsors choose not to comply with additional regulatory requirements, then the trust will be terminated. This highlights the ongoing regulatory uncertainties in the cryptocurrency market.<\/span><\/p>\n

“21Shares is excited by the potential for an ETF in the US that provides access to the Solana ecosystem,” 21Shares VP and Head of Legal Andrew Jacobson said in a prepared statement shared with\u00a0Decrypt<\/i>. “We believe this is a necessary step for the crypto industry and it holds true to our mission to bring to market easily accessible financial products centered around crypto assets.”<\/p>\n

The introduction of the proposed 21Shares Core Solana ETF marks a significant step in the growing trend of institutional involvement in the cryptocurrency sector. This ETF, following VanEck\u2019s filing, suggests a rising confidence in Solana’s potential among institutional investors.\u00a0<\/span><\/p>\n

It also reflects the broader movement towards integrating digital assets into mainstream financial products, offering investors more diversified options for portfolio management.<\/span><\/p>\n

Edited by Andrew Hayward<\/a><\/i><\/p>\n

Editor’s note: This story was updated after publication to include comment from 21Shares.<\/i><\/p>\n

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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 […]<\/p>\n","protected":false},"author":2,"featured_media":275832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-334321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/334321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=334321"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/334321\/revisions"}],"predecessor-version":[{"id":334324,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/334321\/revisions\/334324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/275832"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=334321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=334321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=334321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}