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CoinShares Enters Solana ETF Race with SEC Filing

  • CoinShares has filed an S-1 form with the SEC to launch a spot Solana ETF, staking a portion of its SOL holdings for rewards.
  • This move makes CoinShares the eighth firm seeking approval for SOL-based exchange-traded products.
  • The proposed 'CoinShares Solana ETF' would track Solana's price and utilize Coinbase Custody and BitGo Trust as custodians.
  • The ETF plans to stake SOL holdings through undisclosed providers to generate additional yield.
  • Firms like VanEck and Franklin Templeton have amended S-1 submissions with new staking and redemption mechanics following SEC requests.
  • Industry experts view this as progress towards regulatory clarity.
  • Bloomberg's Eric Balchunas suggests potential approval for Solana ETFs within two to four months.
  • Issuers urge the SEC to honor the 'first-to-file' principle in granting approvals, impacting launch order and market positioning.
  • Recent Bitcoin and Ethereum ETF approvals have paved the way for broader digital asset adoption.
  • Solana emerges as a promising Layer 1 candidate, with ETF filings for other assets like Litecoin, XRP, and Dogecoin under review.
  • CoinShares' ETF filing reflects growing institutional interest in diversified crypto exposure beyond BTC and ETH.
  • Investors seek alternatives with robust ecosystems and scalability, with Solana's high throughput and low fees meeting demand.
  • Solana's price near $156 remains strong amid speculation of ETF approval, indicating investor confidence during market fluctuations.

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