21Shares Files for Spot Solana ETF After VanEck

full version at beincrypto

Investment firm 21Shares has taken a pivotal step in the cryptocurrency market by filing form S-1 for its Solana exchange-traded fund (ETF) application with the US Securities and Exchange Commission (SEC).

This is now the second filing for a Solana ETF, closely following VanEck’s filing earlier this week. 21Shares move today continues to spark the debate on Solana becoming the next ETF approval.

Solana ETF Approval May Come Next

The approval of the S-1 form is crucial as it allows the issuer to list and trade Solana ETFs. With this filing on Friday, June 28, 21Shares solidifies its position among crypto ETF applicants.

Although the filing has received positive community sentiment, including from Bloomberg analyst Eric Balchunas, he believes it’s too early to predict the approval timeline. The stakes are heavily dependent on a new US President and changes in SEC leadership.

“Yes, the odds of a Solana ETF being approved in next 12mo are tied at the hip to the odds of a change in POTUS and safe to say the chances of both are higher today then they were yesterday.. Altho we not giving any exact number on this yet. Way too early,” shared Balchunas in a post.

This trend of filings by 21Shares and VanEck is part of a broader movement. Asset managers seek regulatory approval for various cryptocurrency ETFs. Approval of these applications would mark a significant milestone in the market and provide institutional investors with more avenues to invest in crypto.

As industry leaders and investors await the SEC’s decision, and now multiple filings are in place, one can expect other major players to follow suit.