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<a href="https://bitcoinworld.co.in/21shares-becomes-second-major-firm-to-apply-for-a-spot-solana-etf-this-week/" title="21Shares Becomes Second Major Firm To Apply For A Spot Solana ETF This Week" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400"><a href="https://www.21shares.com/en-eu" rel="noopener noreferrer nofollow">21Shares</a> is the second major firm to file an application for a spot Solana ETF this week, and the third this month.</li>
</ul>
Asset manager 21Shares has filed for a spot Solana exchange-traded fund (ETF), marking the second such application from a major firm this week.
The proposed <a href="https://bitcoinworld.co.in/ark-invest-21shares-bitcoin-spot-etf-surpasses-grayscales-gbtc-in-outflows-for-the-first-time/" rel="noopener noreferrer nofollow">21Shares</a> Core Solana ETF is designed to track the performance of Solana (SOL) by aggregating the notional value of SOL trading activity across major spot exchanges, according to the S-1 registration form filed with the US Securities and Exchange Commission (SEC).
Coinbase Custody Trust Company will act as the custodian.
<h3 id="span-style-font-weight-400-surging-interest-span">Surging Interest</h3>
The filing follows a similar application by VanEck on June 27, which led to a 7% increase in SOL’s price. However, 21Shares’ filing did not immediately impact SOL’s price, with the token trading at&nbsp; $140.2 as of press time — down over 6% on the day.
Beyond the US, Canadian fund manager 3iQ has also filed for a spot Solana ETF earlier this month, aiming to launch the first such product in North America on the Toronto Stock Exchange. The move highlights growing confidence and interest in Solana as a viable asset for institutional investment.
The surge in interest around Solana ETFs comes as the crypto market anticipates regulatory changes and increased acceptance.&nbsp;
Despite the recent applications, the absence of a Solana futures product is seen as a potential hurdle for approval. However, some believe a change in leadership could facilitate the process.
Eric Balchunas, senior ETF analyst at Bloomberg, noted that the approval odds for a Solana ETF are closely tied to potential shifts in the US presidency and regulatory attitudes.
According to Balchunas:
“The knee-jerk reaction here is, ‘Oh, this will never be approved because there aren’t Solana futures,’ but if there is a change at POTUS, I think anything is possible.”
Following the approval of spot Ether ETFs in May, Bernstein analysts suggested that Solana might also be classified as a commodity.&nbsp;
This follows the SEC’s decision to drop its investigation into Ethereum 2.0, suggesting a shift in how the agency views certain digital assets.
While the regulatory landscape remains uncertain, many industry experts believe that Solana’s prominence in the crypto market makes it a strong candidate for ETF approval.
<h3 id="span-style-font-weight-400-solana-etf-proponents-span">Solana ETF Proponents</h3>
CNBC’s Brian Kelly recently highlighted Solana as potentially the next major crypto asset to receive ETF approval, following Bitcoin and Ethereum.&nbsp;
He noted the success of Bitcoin ETFs, which have collectively amassed a significant amount of Bitcoin, valued at around $58 billion, indicating strong demand for regulated crypto investment products.
VanEck’s head of digital research, Matthew Sigel, also recently made similar comments, comparing Solana to other digital commodities like Bitcoin and Ether, highlighting its use in transactions and computational services on the blockchain.
He emphasized Solana’s robust attributes, including high throughput, low transaction fees, stringent security protocols, and a vibrant community, positioning it favorably for an ETF.
As the crypto market evolves and regulatory frameworks adapt, the potential for spot Solana ETFs becoming a reality grows.&nbsp;
Investors and industry watchers will continue to monitor developments closely, anticipating significant impacts on market dynamics and investment opportunities​ (OKX)​.
<h3 id="span-style-font-weight-400-solana-market-data-span">Solana Market Data</h3>
At the time of press, Solana is ranked #5 by market cap and the price is down 6.36% over the past 24 hours. Solana has a market capitalization of $64.8 billion with a 24-hour trading volume of $2.39 billion.

21Shares Becomes Second Major Firm To Apply For A Spot Solana ETF This Week

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