CoinShares has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for the public trading listing of a Solana spot index fund, as confirmed by documents in the SEC's EDGAR system.
According to The Block on the 16th (local time), documents in the SEC's EDGAR system revealed that CoinShares submitted an S-1 registration statement to the U.S. Securities and Exchange Commission for the public trading listing of a Solana spot ETF.
The proposed product, named CoinShares Solana ETF, is sponsored by CoinShares Co., with Coinbase Custody and BitGo Trust serving as custodians. The application also disclosed plans to stake a portion of the fund's SOL holdings.
The application states, "The Sponsor will stake or cause to stake a portion of the Trust's SOL through one or more trusted staking providers (each a 'Staking Provider'). The portion to be staked will be fixed prior to the Trust's inception date. In return for all staking activities the Trust may participate in, the Trust will receive a portion of the staking rewards generated by the Staking Provider." CoinShares has not named the initial staking providers.
CoinShares is the 8th issuer to request SEC approval for a Solana spot ETF. Other applicants include VanEck, 21Shares, Bitwise, Franklin Templeton, Canary Capital, Grayscale Investments, and Fidelity Investments. All aim to provide funds tracking the price of SOL, the 6th largest cryptocurrency by market capitalization.
This latest application comes amid growing expectations that the SEC may soon approve a Solana spot ETF. Last week, asset management companies like VanEck and Franklin Templeton were reported to have submitted modified S-1 applications with additional details on physical redemption and staking practices in response to institutional requests.
Bloomberg ETF analyst Eric Balchunas said approval could come within 2-4 months. Issuers also urged following the SEC's "first filing" tradition of prioritizing submissions in order.
Following the approval of Bitcoin and Ether spot ETFs last year, several issuers have been exploring expansion in the cryptocurrency ETF market. The SEC has received fund applications linked to assets such as Litecoin, XRP, Dogecoin, and Cardano. According to Balchunas, LTC and SOL have the highest approval potential.
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