CoinShares Files for Solana ETF

European digital asset manager CoinShares has filed for a Solana exchange-traded fund (ETF), as reported in a U.S. Securities and Exchange Commission filing on Friday.

The CoinShares Solana ETF aims to track the price of SOL, the native coin of the Solana network, and will trade on the Nasdaq Stock Market, according to the S-1 prospectus.

This application follows a recent submission by seven issuers who clarified their SOL ETF applications, allowing them to stake their held SOL. Analysts see these amendments as a positive sign for potential approval, though the updated prospectuses do not guarantee it.

Earlier this year, Bloomberg Senior ETF Analyst Balchunas estimated a 70% chance that Solana ETFs would be approved this year, though he is unsure about the timeline.

Other funds, including those from 21Shares, Bitwise, Fidelity, Franklin Templeton, Grayscale, VanEck, and Canary Capital, are also seeking to provide investors with Solana exposure, amid growing interest in crypto-based products.

U.S. regulators and lawmakers have been easing restrictions on the digital assets industry, fostering a more favorable environment for investors.

SOL is currently the sixth-largest cryptocurrency by market cap. Developers favor the Solana blockchain for its speed and efficiency in developing decentralized applications such as crypto exchanges and games.

The price of SOL recently stood at $156.87, after a nearly 4% increase in 24 hours. It reached an all-time high of $293.31 in January, according to crypto data provider CoinGecko.

CoinShares has not responded to Decrypt‘s request for comment.

The SEC approved Bitcoin and Ethereum ETFs last year, both of which have gained popularity, with Bitcoin funds managing over $100 billion in assets.

Last week, BlackRock’s iShares Bitcoin Trust (IBIT) achieved $70 billion in assets under management in just 341 days, setting a record.

Ethereum-tracking funds have attracted $3.9 billion in net inflows, according to U.K. asset manager Farside Investors.

Edited by James Rubin