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[Bitop Review] 21Shares Files Application for SOL Spot ETF

2024年07月01日发布

ETF issuer 21Shares has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for the 21Shares Core Solana ETF, making it the second issuer to propose a SOL spot ETF after VanEck.

21Shares is a Swiss company specializing in providing cryptocurrency exchange-traded products (ETPs). Founded in 2018 and headquartered in Zurich, it has issued 40 crypto ETPs listed on 13 exchanges and has US$3.2 billion in assets under management (excluding ARKB).


Its most famous is the ARKB Bitcoin spot ETF in cooperation with ARK, which currently has US$2.78 billion in assets under management. However, ARK withdrew from the original joint application for an Ethereum spot ETF due to reports that the fees were too low and not profitable, and 21Shares has since applied for the issuance of the 21Shares Core Ethereum ETF on its own.

21Shares offers a diversified range of crypto products, including ETPs on over 30 cryptocurrencies such as ADA, ARB, AAVE, and BNB. For example, it recently launched the Toncoin Staking ETP (TONN) on the SIX Exchange in Switzerland, which returns staking rewards to investors.


SOL ETP launched by 21Shares in Europe

In 2021, 21Shares launched the Solana Staking ETP (ticker ASOL) in Europe, with US$810 million in assets under management. It is 100% backed by SOL and generates staking rewards through professional risk management (the current staking rate is 4.44%), providing better protection for individual investors than custodial options. ASOL is also listed on six exchanges in Europe, offering investment options in USD, GBP, EUR and CHF.


Expert opinions divided on the approval of Solana ETF

VanEck applied for the first Solana exchange-traded fund (ETF) in the United States on June 27, and 21Shares followed suit.

Market views on the likelihood of approval of a SOL ETF are mixed. Cboe, an exchange that has listed several Bitcoin spot ETFs, believes that it is unlikely that there will be any cryptocurrency ETFs other than Bitcoin and Ethereum unless a futures market is first established, or regulatory conditions are changed. JPMorgan Chase and Bloomberg have also expressed doubts about the possibility of approval, while research firm Bernstein believes that approval of an Ethereum ETF could pave the way for similar tokens like Solana to be classified as commodities.

Interestingly, both the 21Shares Core Solana ETF and the VanEck Solana Trust have chosen to trade on the Cboe BZX Exchange. According to the company's S-1 filing, the fund will be created and redeemed in cash, similar to other spot ETFs.

 

 

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.