The race for a US-based Solana (SOL) exchange-traded fund (ETF) just got hotter. Investment firm 21Shares filed its S-1 form with the Securities and Exchange Commission (SEC) on Friday, June 28th, marking the second such application this week following VanEck’s filing.
The approval of an S-1 form signifies a crucial step towards listing and trading a Solana ETF. This move by 21Shares strengthens their position in the growing pool of crypto ETF applicants.
Community Support, Regulatory Uncertainty
While the filing has garnered positive sentiment from the crypto community, including Bloomberg analyst Eric Balchunas, the approval timeline remains a question mark. Balchunas acknowledges the complexities involved, highlighting the potential impact of a change in US leadership and the SEC’s composition:
“Yes, the odds of a Solana ETF being approved in the next 12 months are tied at the hip to the odds of a change in POTUS and safe to say the chances of both are higher today then they were yesterday… Although we’re not giving any exact number on this yet. Way too early,” Balchunas shared in a post.
A Growing Trend: Crypto ETFs Gaining Momentum
The filings by 21Shares and VanEck reflect a broader movement within the asset management industry. Institutional investors are increasingly seeking regulatory approval for various cryptocurrency ETFs. Securing these approvals would represent a significant milestone, offering institutional investors a more accessible and regulated way to participate in the crypto market.
Also Read: VanEck Files for First-Ever US Solana ETF, Reigniting Commodity vs. Security Debate
The Road Ahead: Will Solana Lead the Charge?
The battle for the first US-approved Solana ETF has begun. While the SEC’s approval process remains shrouded in some uncertainty, the surge in filings suggests a growing confidence in the potential of crypto ETFs. With both 21Shares and VanEck vying for approval, it’s a race to watch as investors await who will cross the finish line first.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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