21Shares has filed with the SEC to launch a Spot Solana ETF, aiming to list it on the Cboe BZX exchange. Coinbase Custody Trust Company is set to be the custodian.
The ETF will redeem in-kind using Solana, currently trading near $140, though it has dipped by 2.9% in the past 24 hours. Key details such as the fund’s ticker and management fee remain undisclosed.
Legal experts are skeptical about SEC approval due to the lack of a regulated market for Solana-based futures and the SEC’s classification of Solana as a security. Bloomberg Intelligence’s Eric Balchunas notes that significant regulatory changes are needed for a favorable outcome.
The launch of a Solana ETF could have strategic importance, potentially paving the way for more cryptocurrency-based financial products.
