Asset manager 21shares applies for Solana-based ETF

The organization is “excited about the potential of a U.S. exchange-traded product (ETP) that provides access to the Solana ecosystem.” The asset management firm said this is a necessary step for the crypto industry and the company's mission is to make financial products accessible through cryptocurrency. In addition, 21Shares praised Solana's speed and cost-effectiveness.

The Solana ecosystem has evolved rapidly, offering unprecedented speed and cost efficiency. On June 28, 2021, exactly three years ago, 21Shares, through its subsidiary 21Shares AG, announced the launch of the world's first ETP on Solana. As of May 31, 2024, 21Shares Solana Stting ETP (ASOL) has $950 million in assets under management and represents our largest product.

The crypto community was skeptical about the approval of a SOL spot ETF because the cryptocurrency does not have a regulated futures market on the Chicago Mercantile Exchange (CME) like Bitcoin and Ethereum.