21Shares Launches ETPs for Solana-Based Tokens as Institutional Demand Grows
Expansion highlights the rising interest in the Solana ecosystem and progress on US ETF filings.
21Shares, a leading provider of cryptocurrency exchange-traded products (ETPs), today announced the listing of two new ETPs tracking Solana-based tokens on European exchanges.
The 21Shares Render ETP (RNDR) and 21Shares Pyth Network ETP (PYTH) will offer investors regulated exposure to Render, a decentralized GPU rendering network, and Pyth Network, a provider of high-frequency market data for blockchain applications.
This development comes amidst growing interest in Solana, fueled by recent reports that the US Securities and Exchange Commission (SEC) has begun actively engaging with issuers who have filed applications for Solana ETFs. 21Shares, along with firms like VanEck and Canary Funds, are among those who have submitted proposals for a Solana ETF in the United States.
According to sources familiar with the matter, the SEC has initiated communication with these firms, requesting further information and clarification on their filings. While the SEC has not yet indicated a timeline for approval, this engagement is seen as a positive step towards the potential launch of a Solana ETF in the US market.
The increased regulatory attention coincides with a potential shift in the US political landscape towards a more crypto-friendly environment. The recent change in administration has introduced the possibility of revised policies that could facilitate greater institutional adoption of digital assets. As institutional investors seek diversified exposure to the crypto market, Solana's emergence as a leading blockchain during this bull market, with its growing market share, increasing network activity, and record-breaking metrics, makes it an attractive asset for institutional investors.
21Shares' expansion of its ETP offerings in Europe and the ongoing dialogue with the SEC regarding Solana ETFs in the US underscores Solana's growing prominence within the broader digital asset ecosystem. The potential approval of a Solana ETF could further catalyze institutional investment in Solana and its ecosystem.