21Shares is Launching World’s First Solana ETP on SIX Swiss Exchange. The ETP will track the performance of Solana’s native SOL token.
The world’s first Solana exchange-traded vehicle is being launched by 21Shares, a Swiss exchange-traded product (ETP).
The vehicle, which will trade under the symbol “ASOL,” will begin trading on Tuesday.
The Solana ETP will be listed on Switzerland’s principal stock exchange, the Swiss SIX, according to 21Shares, formerly known as Amun.
Sam Bankman-Fried, the CEO and creator of crypto derivatives exchange FTX and Alameda Research, is a big supporter of the Solana ecosystem.
According to CoinGecko, SOL is the 14th largest cryptocurrency, having a market valuation of almost $8 billion.
Solana Labs, the company behind the Solana network, raised $314 million in a token sale spearheaded by Andresseen Horowitz and Polychain Capital earlier this month.
The 21Shares ETP will allow investors access to the high-throughput Solana blockchain and follow the success of its SOL token, with each unit of the ETP backed by 0.667 SOL at launch and a 2.5% annual base fee.
According to 21Shares, the Solana ETP structure is physically collateralized, segregated, and mirrors the crypto asset’s tracking 1:1.