21Shares becomes the latest institution to file for a spot Solana exchange-traded fund.
The move comes after asset manager VanEck made a similar application on Thursday.
The 21Shares Core Solana exchange-traded fund will track Solana performance and aims to offer investors a cost-friendly and straightforward exposure to SOL.
That will allow 21Shares clients to invest in Solana directly without having to hold the token. Enthusiasts can trade the ETH on exchange Cboe BZX if approved.
21Shares’ primary goal with the ETF product is to replicate native SOL’s performance after considering liabilities and expenses related to the fund.
The regulated custodian Coinbase Custody Trust Company will hold the Solana assets.
Further, the ETF will not invest in derivatives but focus on ensuring the Solana holdings match the company shares’ value.
Meanwhile, crypto players await the United States SEC to approve multiple Ethereum exchange-traded funds by next week.
Solana’s current price action
Despite the ETF optimism, SOL price mimicked broad market trends.
Bears dominate the crypto industry as the market cap of all digital assets plunged 1.55% in the past day to $2.26 trillion.
Solana dropped more than 3% on its daily chart to hover above $142 at press time.
Nvertheless, market experts remain confident about Solana’s recovery.
For example, GSR Markets forecasts an explosive move for SOL prices – driven by ETFs approval.
This is a developing story. More information to follow
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