21Shares filed for Solana spot ETF application with the American securities regulatory body.
Solana is a popular Proof-of-stake (PoS) crypto network which has ability to process upto 70 thousand transactions per second, which is itself a very big number over the potential of any other blockchain network.
The current trade price of Solana (Sol) Cryptocurrency is $143.5 & this price is 2.3% down over the last 24 hours period.
Today 21Shares filed Solana spot ETF application with the United States Securities and Exchange Commission (SEC).
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21Shares is a Swiss company that creates and manages exchange-traded products (ETPs) for cryptocurrencies. These ETPs allow investors to gain exposure to cryptocurrencies without directly buying or managing them, making crypto investing easier and more accessible.
Bloomberg ETF analyst Eric Balchunas indirectly said that he was not expecting for this application.
It is worth it to note that a similar application, Sol spot ETF, filed by VanEck fund manager just 20 hours ago.
Just a few days ago, a Canadian fund manager 3iQ Digital Asset Management filed for Solana spot ETF product.
Currently three Solana spot ETF products seeking for regulatory approval. So here we conclude that competition among fund managers for Solana spot ETF applications has surged rapidly, and there are significant chances that other leading fund managers may pursue similar applications.
People should understand that such news might help Sol cryptocurrency achieve stronger bullish sentiments, but we should pay attention to ETF experts’ opinions on these proposed financial products.
According to ETF experts, there is significant uncertainty regarding the potential approval of these products because currently, Solana cryptocurrency is an unregistered security token under the purview of the SEC agency. This is a major reason why the SEC may reject the proposed applications.
Read also: Coinbase Sues SEC and FDIC for Transparency on Crypto Regulations
Second American Solana spot ETF application successfully files
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