Coinshares participated in a competition for live Solana Exchange Funding (ETF) in the United States. The Digital Asset Manager filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC), marking its purpose to list the Solana ETFs for public transactions.
The application is submitted through the SEC’s Edgar system, which determines Coinshares Co. as the sponsor of the fund, Coinbase Guardianship and Bitgo Trust plan to handle custody of the base sol token.
CoinShares eyes are generated by static ETF archives
A significant component of the Coinshares proposal involves occupancy. According to the document, the fund plans to store some of its sol holdings through designated providers.
Although the original Sticking partner has not been disclosed, the document states that the points rewards received from the fund will be reinvested. Before the trust is officially released, it will be determined to place the placement arrangement, introducing the yield part to the vehicle that was originally passive, price-tracking.
Coinshares joins seven other companies seeking approval for similar products. These include Vaneck, 21shares, Bitwise, Franklin Templeton, Canary Capital, Grayscale Investments and Fidelity Investments.
All applicants aim to launch funds that reflect the local asset prices of Solana, currently the sixth largest cryptocurrency in market capitalization. The entry of multiple high-profile issuers shows that Solana has an increasing number of institutional interests as a tradable asset in the U.S. market.
ETF competition heats up with regulatory sentiment
The timing of Coinshares’ application coincides with growing speculation that the SEC could weaken its stance on cryptocurrency ETFs. Several asset managers, including Vaneck and Franklin Templeton, reportedly revised their filings last week at the request of the SEC.
These amendments include other details on intrinsic redemption and stacking methods, indicating how regulators can use how changes to products that include chain-chain functions, such as stationary.
In parallel development, Trump Media and Technology Group’s Truth Social Platform submitted its own ETF applications. The proposed Truth Society Bitcoin and Ethereum ETF aim to allocate about 75% of its assets to Bitcoin, with the rest being Ethereum.
ETF submitted under Form S-1, sponsored by Yorkville American Digital LLC, with flexibility to change the asset allocation ratio at its sole discretion. Foris Dax Trust Co. LLC was appointed as the custodian. Truth Society has become the third known entity in pursuit of dual crypto ETF products, joining Bitwise and Hashdex.
Meanwhile, companies like Volatility and ProShares have applied for similar products, but these companies are related to the cryptocurrency futures market, not spot assets. The scope of the application reflects the needs of investors and the evolving regulatory participation with the crypto ETF market.
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