CoinShares Solana ETF Joins Growing List of Applications for Altcoin-Based Funds
CoinShares filed for a Solana exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission, aiming to track the price of SOL, the native coin of the Solana network, on the Nasdaq Stock Market. This application follows recent submissions from seven other issuers who revised their SOL ETF applications to allow staking of held SOL, which analysts view as a positive sign for potential approval. Bloomberg's Senior ETF Analyst Balchunas estimated a 70% chance of Solana ETFs receiving approval this year. Other firms, including 21Shares, Bitwise, Fidelity, Franklin Templeton, Grayscale, VanEck, and Canary Capital, are also pursuing Solana exposure amid increasing interest in crypto products. U.S. regulators have eased restrictions on digital assets, fostering a more favorable investment environment. SOL is currently the sixth largest cryptocurrency by market cap, recently priced at $156.87 after a nearly 4% increase. The SEC has previously approved Bitcoin and Ethereum ETFs, which have seen significant asset growth.
