21Shares submits Solana spot ETF S-1 filing

According to ChainCatcher, The Block reported that 21Shares has submitted the S-1 filing for a Solana spot ETF to the U.S. Securities and Exchange Commission (SEC), with its competitor VanEck also submitting the filing the day before. 21Shares has become the second company to apply for a Solana ETF in the U.S.

The 21Shares Core Solana ETF will trade on the Cboe BZX Exchange and will have its assets custodied by Coinbase Custody. According to the company's S-1 filing, redemptions will be made in-kind rather than in cash. Like VanEck, 21Shares also believes that Solana's native token should be considered a commodity. However, legal experts indicate that due to the lack of a regulated SOL futures market and the SEC enforcement division's previous statement that SOL is a security, the Solana spot ETF is unlikely to receive SEC approval.