Core

Solana

Spot

Following the Bitcoin and Ethereum ETFs, Solana ETF is now attracting everyone’s attention and creating a buzz. Recently, VanEck engaged the crypto community by submitting the Spot Solana ETF Application, and now 21Shares has also filed for the SOL ETF.
The filing was made on June 28, which placed 21Shares as the second significant player within a week to seek a spot in Solana ETF, coming right behind VanEck.
<h3 id="span-key-details-of-21shares-core-solana-etf-span">Key Details of 21Shares Core Solana ETF&nbsp;</h3>
The proposed ETF is called the 21Shares Core Solana ETF and will allow investors to invest directly in Solana by replicating its performance based on trading volume in the major spot markets.
The ETF will be traded on the Cboe BZX Exchange, and the fund’s Solana will be held with Coinbase Custody Trust Company. However, it is worth mentioning that the fund will not participate in staking or validating SOL but will operate on the price of the asset at the spot.
The assets will be held in segregated wallets on the Solana network, and the price of shares will be updated every 15 seconds intra-day. The daily value of SOL in the fund will be determined at 4:00 pm ET, this allows for accurate and clear valuation for investors.
<h4>Will Solana ETF be Approved, Will It Smash $1000?</h4>
The speculations surrounding the approval of a <a href="https://www.coingabbar.com/en/crypto-currency-news/vaneck-files-for-solana-etf-in-the-united-states" title="Solana ETF" class="f-link" rel="noopener noreferrer nofollow">Solana ETF</a> are still creating a lot of buzz. In a report by GSR Markets, the approval of a spot Solana ETF may lead to an increase in the price of SOL, the token of the Solana blockchain.
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcR6zTE34DekSZf9tY5sKu0k0uSuhykeesGKant_T-PUHDZfv0Dn-9oGqeqzGhIpq5p6ymQmWPNnVFdfgiKPwBrtB5Yp-qupZ7zbSxX3Uwag2vce-1ICmuoRTTRJcfiquRWRV6FooVnnlcjWdRsvLg1uR0?key=w2rqkqR9Le-KqDVvTL-jqg" width="624" height="232" style="margin: 0px;">
Source: X&nbsp;
As for the price, GSR believes that depending on the circumstances it may rise even more. In a Bearish Scenario, there could be a 1.4x increase in price; in a Base Case Scenario, a 3.4x increase in price; and in a Blue Sky Scenario, an 8.9x increase in price.
These scenarios are based on the premise that Solana ETF would track a proportion of the flow observed in spot Bitcoin ETFs since their inception, scaled by Solana’s market capitalization.
At the time of writing, the price of SOL is $141. Even in the most optimistic of the cases, which is the 9x increase, the price could theoretically go beyond $1000 and be approximately $1341. However, it should be noted that these are estimated figures and the actual market response may differ for a number of reasons.
<h4>Conclusion</h4>
As the cryptocurrency market grows, the growing demand for Solana ETFs from such giants as 21Shares and <a href="https://www.coingabbar.com/en/crypto-currency-news/crypto-news-today-vanecks-solana-etf-bid-ignites-market" title="VanEck" class="f-link" rel="noopener noreferrer nofollow">VanEck </a>is a sign of the next step. These applications also show that institutional interest in digital assets is increasing and that the use of cryptocurrencies is gradually becoming more mainstream.
Read Also: <a href="https://www.coingabbar.com/en/crypto-currency-news/aptos-and-alibaba-cloud-unite-to-elevate-web3-in-asia" title="Aptos and Alibaba Cloud Unite to Elevate Web3 in Asia" class="f-link" rel="noopener noreferrer nofollow">Aptos and Alibaba Cloud Unite to Elevate Web3 in Asia</a>

21Shares Joins the Race, Files Solana ETF Application

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