Asset manager 21Shares has recently filed an S-1 draft with the SEC for a Solana ETF, following a similar filing from Van Eck the day before. This move signifies a growing interest in expanding the range of cryptocurrency ETF offerings in the market. However, 21Shares has decided not to include SOL staking within the ETF, a departure from previous practices with Bitcoin and Ethereum ETFs.
The decision to exclude SOL staking within the ETF may be a response to speculation that the SEC is wary of such activities in the cryptocurrency space. If classified as a security, the sponsors of the ETF might have to comply with additional regulatory requirements or face termination of the Trust. Despite some doubts regarding the approval of Solana ETFs, experts like Matthew Sigel from VanEck argue that a regulated futures market may not be essential for price formation, citing examples of commodity ETFs that do not rely heavily on futures markets.
As the industry awaits potential developments with Solana ETFs, there is a mix of skepticism and optimism surrounding the SEC’s stance on the matter. Solana’s current price remains relatively stable despite these filings, suggesting that investors are still assessing the potential impact of these new ETF offerings on the market. It remains to be seen how regulatory decisions and market dynamics will shape the future of cryptocurrency ETFs, particularly those tied to assets like Solana.