NEW YORK — The race to expand cryptocurrency exchange-traded funds (ETFs) beyond Bitcoin and Ethereum has officially escalated. 21Shares US LLC has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a Spot Solana ETF, signaling a growing institutional appetite for the high-speed blockchain asset.
The filing, submitted on Friday, positions 21Shares as the second major issuer to seek approval for a Solana-based fund in the United States, following a similar move by VanEck earlier this week.
The “Core Solana ETF”
According to the S-1 registration form, the proposed fund is named the “21Shares Core Solana ETF.” If approved, the fund would trade on the Cboe BZX Exchange. The filing outlines that the trust is designed to track the performance of Solana (SOL), the native token of the Solana blockchain, providing institutional and retail investors exposure to the asset without the complexities of direct ownership.
Coinbase Custody Trust Company has been named as the custodian for the underlying SOL holdings, mirroring the custody arrangements used for the majority of approved Bitcoin and Ethereum ETFs.
A Growing List of Issuers
The move by 21Shares underscores a rapid shift in the crypto-investment landscape. Following the successful launch of Spot Bitcoin ETFs by industry giants—including Fidelity, Bitwise, and BlackRock—asset managers are now aggressively pivoting toward “Altcoins.”
While Fidelity and Bitwise have not yet publicly filed for a Solana-specific product, the entry of 21Shares into the arena suggests that the industry anticipates a regulatory opening for assets beyond the top two cryptocurrencies. The “race” is no longer just about Bitcoin; it is about capturing the ecosystem of smart-contract platforms.
Regulatory Hurdles Remain
Despite the industry enthusiasm, the path to approval for a Solana ETF faces significant regulatory friction. The SEC has previously labeled Solana (SOL) as a security in various lawsuits against cryptocurrency exchanges, distinct from its classification of Bitcoin as a commodity.
However, issuers like 21Shares and VanEck appear willing to challenge this stance, betting that the approval of Ether ETFs has set a precedent for other decentralized Proof-of-Stake networks.
Market Reaction
The announcement of the filing has generated renewed optimism within the Solana community. Market analysts view these filings as a long-term bullish signal, legitimizing Solana’s status as a “blue-chip” cryptocurrency alongside Bitcoin and Ethereum.
As the SEC reviews these applications, the market now watches to see if other heavyweight issuers will join 21Shares and VanEck in what is quickly becoming the next battleground for crypto asset management.
