Asset manager 21Shares has officially filed an S-1 registration statement with the Securities & Exchange Commission (SEC) for a spot Solana ETF. This move comes just 24 hours after VanEck filed for the same product, marking 21Shares as the second firm to launch a Solana ETF. 

The asset management firm emphasized that this filing is a crucial step for the crypto industry, aligning with its mission to make financial products easily accessible through cryptocurrency. 

According to the firm, any future Solana ETP registered under the Securities Act of 1933 is not an investment company registered under the Investment Company Act of 1940 or a commodity pool under the Commodity Exchange Act. Additionally, 21Shares filed for an S-1 form, an initial registration required by the SEC before a security can be publicly traded.

Bloomberg analyst Eric Balchunas noted that the SEC’s approval of the Solana ETF within the next 12 months is closely linked to the country’s new president.

Solana's Speed and Cost Efficiency Highlighted

21Shares praised Solana's ecosystem for its speed and cost efficiency, echoing sentiments expressed by VanEck. They stated:

"The Solana ecosystem evolved quickly, boasting unparalleled speeds and cost efficiency." 

On June 28, 2021, exactly three years ago, 21Shares, through its affiliate 21Shares AG, launched the world's first Solana ETP. The 21Shares Solana Staking ETP (ASOL) currently holds over $950 million in assets under management as of May 31, 2024, making it their largest product in the European market.

Market Skepticism and Demand

Despite the excitement, a portion of the crypto community remains skeptical about the approval of a spot SOL ETF. Unlike Bitcoin and Ethereum, Solana doesn’t have a regulated futures market on the Chicago Mercantile Exchange (CME). 

A recent report from GSR, however, shows that Solana is the token most likely to get the next investment offering. The metrics demonstrated that Solana has firmly established itself alongside Bitcoin and Ethereum as one of the market’s top three assets.

Earlier this year, both Bitcoin and Ethereum were greenlit for exchange-traded products, and the market is eagerly waiting to see which cryptocurrency will be next.