Spot Solana ETFs Heat Up As 21Shares Joins VanEck In The Race For Dominance

The race for Spot Solana ETFs approval has intensified as 21Shares filed a proposal with the US Securities and Exchange Commission for the approval of an ETF

Block captainAltcoin chain technology company 21Shares has filed a proposal with the U.S. Securities and Exchange Commission (SEC) for a spot Solana exchange-traded fund (ETF), according to a Friday filing.

The ETF will trade on ETFSwap (ETFS) if approved by the SEC. The filing comes a day after another crypto firm, VanEck, filed a proposal for a spot Solana ETF.

Solana, the fifth-largest cryptocurrency by market capitalization, has been a popular candidate for an ETF. Following the news of 21Shares’ filing, Solana’s price rose 10.06% over the last seven days and is currently trading at $152.77.

21Shares said it is seeking to provide exposure to the Solana ecosystem with the U.S.-listed spot Solana ETF. The firm is well-known in the financial industry for facilitating access to crypto assets via exchange-traded products. It already has a spot Bitcoin ETF and the ARK 21Shares Bitcoin ETF (ARKB). The firm is also among the nine awaiting SEC approval for a spot Ethereum ETF.

Moreover, 21Shares currently offers a solana Staking ETP on European exchanges that tracks Solana’s performance and captures staking yields to be reinvested in the fund. That ETP has over $846 million in assets under management, while its Bitcoin ETF, ARKB, has attracted over $2.4 billion in capital inflows.

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