TechFlow news: Investment firm 21Shares has filed Form S-1 with the U.S. Securities and Exchange Commission (SEC), applying to launch an exchange-traded fund (ETF) based on Solana (SOL). This marks the second SOL ETF application within two days, following VanEck's submission.
Andrew Jacobson, Legal Director at 21Shares, said the company is excited about the potential of launching a Solana ecosystem ETF in the United States, calling it a necessary step for the crypto industry.
21Shares' planned Core Solana ETF would trade on the Cboe BZX Exchange, with redemptions conducted in SOL tokens.
Despite the growing number of filings, legal experts believe the likelihood of SEC approval for a SOL ETF remains low, citing reasons such as the absence of a regulated SOL futures market and the SEC's prior classification of SOL as a security.
