First VanEck, now 21Shares. What happens if the approval does go through?
- 21Shares took VanEck’s lead in the pursuit of a Spot Solana ETF
- A surge in Solana inflows can be expected IF the applications go through
21Shares moves in
In a move to capitalize on the growing interest in SOL, Swiss asset management firm 21Shares has filed an application to list a Solana ETF in the United States. This filing closely follows a similar application submitted by its competitor – VanEck.
21Shares’ application hinges on the legal classification of the altcoin. The filing presumes that Solana is not considered a security under U.S law. This distinction is important because Security ETFs face stricter regulations, compared to standard ETFs.
If the SEC classifies it as a security, 21Shares might withdraw its application altogether. This potential withdrawal would stem from the additional registration requirements that come with security ETFs, which 21Shares may be unwilling to meet.
How will SOL be affected?
A potential spot Solana ETF is expected to boost the price of Solana (SOL), similar to how Bitcoin’s price surged after its spot ETF approval.
