- CoinShares proposed a Solana spot ETF to track SOL’s price on Nasdaq, and provide regulated market exposure.
- The SEC of the United States postponed their deadlines for Solana ETF proposals submitted by various firms, to give them more time to examine any legal and regulatory issues.
- Solana is still the sixth-largest cryptocurrency by market cap, and is gaining traction with developers for it’s speedy and blockchain efficient.
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 intends 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. Analysts suggest these updates may improve the chances of approval, although approval is not guaranteed.
The CoinShares application would provide investors regulated access to SOL, the native cryptocurrency of the Solana blockchain.The move follows the continuing trend of organizations aiming at Solana for ETF products, looking to take advantage of interest in diversified crypto investment products.
Bloomberg ETF analyst Eric Balchunas has previously estimated there is a 70% likelihood of Solana ETFs being approved in 2023. However, he noted that no precise approval timeline has been identified yet.
SEC Postpones Decisions on Multiple 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 issued to allow the commission additional time to review 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 considers 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 lots of developers due to its fast and cheap blockchain architecture for decentralized apps and crypto games.
SOL was recently priced at $147.87, reflecting 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 drawn billions in investor inflows.
