Thomas Daniels
In the wake of VanEck’s proposal for a Solana (SOL) Trust, 21Shares has submitted its “21Shares Core Solana ETF” application to the Securities and Exchange Commission (SEC), according to documents released on Friday. Both filings notably exclude crypto staking, a common move for crypto-backed ETFs recently.
The 21Shares spot Solana ETF represents the second attempt to introduce such a fund, positioning SOL alongside major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Following the successful launch of Bitcoin ETFs and the anticipated approval of Ethereum ETFs, Solana is emerging as the next digital asset to attract institutional investment through an exchange-traded fund.
Despite the growing anticipation, industry experts, including Wintermute CEO Evgeny Gaevoy, believe that launching spot SOL ETFs will be challenging, potentially not happening until next year. Gaevoy also suggested that low capital inflows into spot Ethereum ETFs might deter investors from engaging with another crypto investment product.
Spot Solana ETF Filings Emphasize Commodity Status
A common theme among spot SOL ETF filings is the classification of Solana’s native token as a commodity rather than a security. This strategy aligns with the approach taken by prospective spot Ethereum ETF issuers.
On June 27, Matthew Sigel, VanEck’s head of digital assets research, emphasized that SOL operates similarly to other digital commodities like Bitcoin and Ether, serving as a transaction fee mechanism and a payment currency for blockchain services. Sigel also highlighted the decentralized nature of the SOL network, with no single entity or intermediary exerting control, reinforcing its commodity status. He further noted the broad range of applications and services supported by the SOL ecosystem, from decentralized finance (DeFi) to NFTs, which underscores SOL’s utility and value as a digital commodity.
