21Shares has submitted the necessary documents to initiate an exchange-traded fund (ETF) for Solana (SOL).
On Friday, the fintech firm submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) for the “21Shares Core Solana ETF,” which, if approved, would be traded on the Cboe BZX Exchange.
Three years ago, the 21Shares Solana Staking ETP (ASOL), the world’s first Solana ETF in Europe, was introduced by the European affiliate of 21Shares. As of June 27th, the financial product has assets under management totaling over $846 million.
The fintech firm asserts that the most recent SEC filing is “critical for democratizing access to crypto in the United States.”
“We believe this is a necessary step for the crypto industry and it holds true to our mission to bring to market easily accessible financial products centered around crypto assets.”
This week, 21Shares is the second company to submit an application for a SOL ETF in the United States. In an effort to establish its own “VanEck Solana Trust,” the investment colossus VanEck submitted an S-1 registration statement to the securities regulator on Thursday. If the SEC ultimately approves the product, it will also be listed on the Cboe BZX Exchange.
At the time of this writing, SOL is trading at $141.84. In the past 24 hours, the fifth-ranked crypto asset by market valuation has experienced a nearly 4% decline.