CoinShares Files Solana Spot ETF with SEC as U.S. Crypto Interest Grows
CoinShares proposed a Solana area ETF to track SOL’s cost on Nasdaq, and provide regulated market exposure. The SEC of the United States postponed their deadlines for Solana ETF proposals submitted by various companies, to offer them more time to examine any legal and regulative issues. Solana is still the sixth-largest cryptocurrency by market cap, and is getting traction with developers for its speedy and blockchain efficient. CoinShares, a European digital asset manager, has sent its filing to the U.S. Securities and Exchange Commission (SEC) for a Solana spot exchange-traded fund (ETF). The ETF aims to track the price of SOL, which would be listed on the Nasdaq Stock Market. CoinShares Broadens Solana ETF Interest in the U.S. CoinShares’ filing follows less than a week after seven providers submitted revised Solana ETF applications to the SEC. The momentum around Solana ETFs mirrors the successful launch of Bitcoin and Ethereum ETFs, which have drawn billions in investor inflows. The post CoinShares Files Solana Spot ETF with SEC as U.S. Crypto Interest Grows appears on Crypto Front News.
CoinShares proposed a Solana area ETF to track SOL’s cost on Nasdaq, and provide regulated market exposure. The SEC of the United States postponed their due dates for Solana ETF propositions submitted by different companies, to provide more time to examine any legal and regulative issues. Solana is still the sixth-largest cryptocurrency by market cap, and is gaining traction with developers for its speedy and blockchain efficiency. CoinShares, a European digital asset manager, has submitted its filing to the U.S. Securities and Exchange Commission (SEC) for a Solana spot exchange-traded fund (ETF). The ETF plans to track the price of SOL, which would be listed on the Nasdaq Stock Market. CoinShares Expands Solana ETF Interest in the U.S. CoinShares’ filing follows less than a week after seven issuers submitted revised Solana ETF applications to the SEC. These firms– 21Shares, Bitwise, Fidelity, Franklin Templeton, Grayscale, VanEck, and Canary Capital– updated their language to allow for potential SOL staking. Experts suggest these updates might enhance the chances of approval, although approval is not guaranteed. The CoinShares application would offer investors regulated access to SOL, the native cryptocurrency of the Solana blockchain. The move follows the ongoing trend of companies focusing on Solana for ETF products, aiming to capitalize on interest in diversified crypto investment products. Bloomberg ETF analyst Eric Balchunas has previously estimated there is a 70% probability of Solana ETFs being approved in 2023. He noted that no exact approval timeline has been determined yet. SEC Postpones Decisions on Several Solana ETF Applications The SEC has extended the decision deadlines on several Solana ETF applications, including those from 21Shares, Bitwise, VanEck, and Canary Capital. The extensions were granted to allow the commission additional time to evaluate complex legal and policy matters. These delays do not indicate the SEC’s stance on the outcome of the applications. They reflect the agency’s cautious approach as it contemplates the framework for altcoin-based investment products. The extensions follow the same process previously seen with Bitcoin and Ethereum ETFs before approval. Solana Maintains Strong Position Among Leading Digital Assets As of writing, Solana is the sixth-largest cryptocurrency by market cap. Solana has attracted numerous developers due to its cost-effective and rapid blockchain architecture for decentralized apps and crypto games. SOL was recently priced at $147.87, showing a 4% increase in the last 24 hours. The token reached an all-time high of $293.31 in January, according to CoinGecko data. The momentum around Solana ETFs mirrors the successful launch of Bitcoin and Ethereum ETFs, which have attracted billions in investor inflows. The post CoinShares Files Solana Spot ETF with SEC as U.S. Crypto Interest Grows appears on Crypto Front News. Visit our site to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
