Solana ETF race heats up as 21Shares joins Fidelity, Bitwise and others in launching SOL fund
Exchange-traded fund investing firm 21Shares is next up to the plate in launching its ETF tracking Solana.
On Wednesday morning, the firm debuted the 21Shares Solana ETF, with the ticker symbol TSOL on the Chicago Board Options Exchange, or CBOE.
"It's undeniable that crypto is here to stay and we believe it will play a massive role in the future of the financial system. It's encouraging to see regulatory frameworks shift to allow investors around the world and in the U.S. to gain transparent exposure to the crypto asset class," said Federico Brokate, global head of business development at 21shares, in a statement.
Over the last few weeks, other firms, including Fidelity, Bitwise, Canary Capital, and Grayscale, have launched SOL ETFs. Bitwise led the group with $23 million in inflows on Tuesday, according to data from Farside Investors.
Since the onset of the Trump administration, which has been viewed as friendly toward crypto, firms have looked to get a number of crypto ETFs to the market. So far, ETFs tracking Litecoin, HBAR, and SOL have launched, and one tracking Dogecoin could debut as soon as next week.
"We believe we are still at the beginning of the adoption curve and expect interest in crypto to continue to accelerate over the coming months and years as traditional financial players continue to gain understanding and acceptance that blockchain technology may underpin capital markets and shepherd us into the future of finance," Brokate said.
The ETFs are also launching as the crypto markets are experiencing a slump following a long government shutdown and uncertainty over the Federal Reserve's interest rate decision expected in December.
Bloomberg ETF analyst Eric Balchunas said Solana ETFs' assets under management have been positive.
"... the Solana ETFs have now taken in $2b as a group- with inflows basically every day, not bad considering the 'extreme fear' rn," Balchunas said on Wednesday in a post on X.
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