Core

Solana

United

21Shares filed an S-1 application with the United States Securities and Exchange Commission for a spot Solana exchange-traded fund (ETF) on June 28. The fund will be called the 21Shares Core Solana ETF. This is the second application the SEC has received for a spot SOL ETF, following VanEck’s filing on June 27.
The <a href="https://www.sec.gov/Archives/edgar/data/2028834/000121390024057001/ea0208625-s1_21shares.htm" target="_blank" rel="noopener nofollow">proposed</a> ETF will trade on the Cboe BZX Exchange. Coinbase will serve as the custodian for the fund’s Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) holdings, which will be insured privately. The fund’s assets will be held in segregated wallets on the Solana blockchain. 
The fund will not participate in validating or staking SOL. The intra-day value of shares will be calculated every 15 seconds. The value of SOL in the fund will be determined daily at 4:00 pm ET (09:00 pm UTC).
<h2 id="21shares-is-a-crypto-etf-pioneer">21Shares is a crypto ETF pioneer</h2>
21Shares is a crypto-native financial technology company headquartered in Zurich, Switzerland. It already offers future Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) and spot and future Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs in the United States in partnership with ARK Invest.&nbsp;In addition, 21Shares and ARK Invest <a href="https://cointelegraph.com/news/bitcoin-etf-ethereum-ark-invest-21shares">offer an ETF</a>&nbsp;investing in BTC and ETH futures and public equities of companies engaged in the blockchain industry and digital economy.
Related: <a href="https://cointelegraph.com/news/state-street-partners-galaxy-digital-develop-crypto-etfs">State Street teams up with Galaxy, eyeing new ETFs beyond Bitcoin</a>
The price of SOL rose rapidly from $139 to $150 on the recent news of the VanEck filing. It traded around $141 at 12:00 pm ET, according to CoinMarketCap.&nbsp;
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 Source: <a href="https://x.com/NateGeraci/status/1806719706407039393" target="_blank" rel="noopener nofollow">Nate Geraci</a>
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<h3 id="21shares-etfs-have-a-complicated-history">21Shares ETFs have a complicated history</h3>
21Shares applied for a spot ETH ETF on May 31, called the 21Shares Core Ethereum ETF, after ARK Invest <a href="https://cointelegraph.com/news/ark-invest-ends-partnership-with-21shares-over-ethereum-etf">ended its partnership</a> with the company for that application. The ARK 21Shares spot ETH ETF 19b-4 filing was approved by the SEC on May 23. The SEC approves S-1 filings separately after 19b-4 filings. The partners had originally planned to offer an ETH ETF with staking, but <a href="https://cointelegraph.com/news/ark-invest-21shares-drop-staking-from-ethereum-etf-proposal">changed their plans</a>.&nbsp;
SOL is the fifth largest crypto by market cap. The Solana blockchain has been criticized for frequent outages and slow processing when congested.
Magazine: <a href="https://cointelegraph.com/magazine/spot-eth-etfs-approved-crypto-bill-passes-us-house-hodlers-digest-may-19-25/">Historic turning point for crypto, Ethereum ETFs, FIT21, Trump: Hodler’s Digest, May 19-25</a>

21Shares files application for spot Solana ETF

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