21Shares Files to Launch Solana ETF with SEC
21Shares has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) for a Solana exchange-traded fund (ETF). This ETF will be listed on the Cboe BZX Exchange and will use Coinbase Custody Trust Company for the secure storage of SOL. Additionally, VanEck has also recently filed for a Solana ETF with the SEC.
Details of the 21Shares Solana ETF
Asset management firm 21Shares filed Form S-1 with the SEC for the 21Shares Core Solana ETF (the Trust). This ETF will trade on the Cboe BZX Exchange and is structured as a Delaware statutory trust, with 21Shares U.S. LLC as the sponsor.
The Trust aims to track the performance of SOL, the native digital asset of the Solana blockchain, adjusted for the Trust’s expenses and other liabilities. It offers investors exposure to SOL without requiring direct investment in the cryptocurrency. Coinbase Custody Trust Company, a regulated third-party custodian, will be responsible for SOL custody. The Trust will create and redeem shares through authorized participants by depositing or transferring cash, which will then be used to buy or sell SOL as necessary.
Risks and Fees
The filing outlines various risks associated with the Trust, including SOL’s volatility, potential regulatory issues, technological vulnerabilities, and market liquidity challenges. The ETF will include a Sponsor Fee and other operating expenses, with custody and security measures managed by the SOL Custodian.
Related Filings and Products
Recently, asset manager VanEck filed a registration statement for a spot Solana ETF called the VanEck Solana Trust. 21Shares, in collaboration with Ark Invest, also offers the 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF, the latter of which has received SEC approval. However, the SEC has yet to approve any S-1 filings for ether ETFs.
