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Major asset manager sets the clock ticking with latest move
CoinShares has joined the race for a U.S.-listed spot Solana exchange-traded fund (ETF).
The firm filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC) on June 13, seeking to enter the proposed 'CoinShares Solana ETF’ that would provide investors direct exposure to Solana, a trend arising from asset managers looking to bring spot crypto products to U.S. markets outside of Bitcoin and Ethereum.
A Solana ETF will provide a simple way for investors to gain exposure to Solana without directly buying the crypto asset.
As outlined in the filings, the ETF would track price changes of Solana and be listed on a national securities exchange, pending SEC approval.
The CoinShares filing comes at a time when institutional interest in Solana has gained steam, and it is one of the world's five largest cryptocurrencies by market capitalization. It comes on the heels of a similar wave of filings by firms like VanEck and 21Shares, indicating demand for more diversified crypto ETF products. In June, VanEck and 21Shares filed for their Solana ETFs in the US, which are currently awaiting approval.
According to CoinShares' report, total inflows for digital asset investment products have been $1.9 billion in the week of June 9 to June 14.
Altcoins such as Solana have continued to trend upwards since January. At press time, Solana is trading at $155.02, as per Kraken's price page.
The CoinShares filing is a move to capture attention and inflows into non-Bitcoin crypto exposure. However, the SEC has yet to approve any spot Solana ETFs filed so far.
This article has been published in TheStreet via Yahoo News.
