Solana News Today: 21Shares Submits Revised S-1 for Solana ETF Amid Rising Institutional Interest

21Shares, a leading digital asset investment firm, has filed an updated version of its S-1 application for a spot Solana (SOL) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The filing marks another step in the broader institutional push to introduce regulated investment products tied to alternative blockchain assets beyond Bitcoin and Ethereum. The revised application is expected to include refinements to legal, operational, or structural elements to better align with the SEC’s evolving regulatory expectations [4].

The updated S-1 filing is part of an increasing wave of interest in Solana among major asset managers. Alongside 21Shares, firms like VanEck, Bitwise, and Canary Capital have also submitted Solana ETF proposals to the SEC. This surge in applications highlights a growing trend in traditional finance to offer retail and institutional investors structured, compliant exposure to high-performance Layer 1 blockchains through ETF vehicles [4].

21Shares has a long history of engagement in the crypto ETF space, having previously submitted proposals for other digital assets. The firm’s latest move underscores its commitment to expanding investment options for U.S. markets and aligning with regulatory requirements. The updated filing follows a recent SEC directive for ETF sponsors to revise their applications, signaling the agency’s cautious approach to new crypto products, particularly those offering direct exposure to digital assets [2].

The approval process for such ETFs typically involves two steps: an initial Form 19b-4 application by the exchange, followed by the ETF sponsor’s registration via an S-1 or trust form. While no definitive timeline has been set for a final decision, 21Shares’ submission indicates it is preparing for a potential launch should the product gain regulatory approval. The market is closely watching these developments, as the introduction of a Solana ETF could significantly influence institutional adoption and reinforce the legitimacy of the broader crypto asset class [4].

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[2] Cboe BZX Files for Injective-based ETF Alongside Solana Fund Proposal (https://cryptodnes.bg/en/cboe-bzx-files-for-injective-based-etf-alongside-solana-fund-proposal/)

[3] 5 Companies Already Holding Millions in Solana (SOL) (https://www.ccn.com/education/crypto/5-companies-holding-millions-in-solana-and-whos-planning-to-join/)

[4] SEC Pushes Crypto ETF Decisions Again, $100B Market Waits on Truth Social and Grayscale Rulings (https://www.cryptoninjas.net/news/sec-pushes-crypto-etf-decisions-again-100b-market-waits-on-truth-social-and-grayscale-rulings/)