Coinshares goes up to the race for an ETF Solana and presents a request before the SEC

Coinshares presented to the Sec request to launch an ETF Solarium With staking option, with shared custody between Coinbase and Bitgo.

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• Coinshares seeks to launch an ETF Solarium and plan to make stops with part of the funds.
  
• Coinbase Custody and Bitgo they would act as custodians of the product.
  
• Eight companies have submitted similar proposals, amid expectations for imminent approval.

Coinshares, The recognized European Digital Assets Management firm has submitted a formal application to the United States Stock Exchange and Securities Commission (SEC) to launch a quoted bottom (ETF) background based on Solana (Sol).

According to information published on the official page of the Sec, The document in question is the registration S-1, with which the firm raises plans to launch this product in the US stock market.

This proposed ETF, officially called “Coinshares Solana ETF”seeks to offer direct exposure to the price of the digital currency, which is currently appearing as the sixth largest cryptocurrency for market capitalization. Additionally, the Fund contemplates using a part of its assets in Staking Activities.

An ETF Solarium With Staking Option

According to the form presented before the Sec, The ETF will be sponsored by Coinshares Co. and will have two signatures for assets custody: Coinbase Custody and Bitgo Trust.

However, the most striking aspect of the proposal is its inclusion of staking rewards as part of the projected performance for investors:

“The sponsor will stop, or cause Staking to be done, with a portion of the Sun of the Trust through one or more confidence suppliers. In return, the trust will receive a part of the rewards generated by said suppliers”read in the document.

Although it was not revealed what the initial staking provider will be, the explicit inclusion of this strategy could increase the appeal of the ETF against traditional products, adding a potential source of passive income.

Growing competition between emitters

Coinshares It is not the only company that seeks to venture into the ETF market Solarium. With this presentation, there are already eight emitters who have registered requests before the SEC to list similar products. Among the names are Vaneck, 21Shares, Bitwise, Franklin Templeton, Canary Capital, Grayscale Investments, And recently Fidelity Investments.

All applicants aim to replicate the price behavior of SUN, without the need for investors directly having cryptocurrency. The request for Coinshares Intensifies competition and raises the possibility that the regulator takes into account criteria such as the order of presentation.

This neuva presentation comes to place at a special moment for ETFs Solarium in cash, since recently published reports indicate that the Sec would be indicating to all applicants to present updated versions of their forms S-1, A step that usually points to the approval of these products. This fact generated high expectations about a positive verdict for these investment funds.

Eric Balchunas, analyst Bloomberg specialized in ETFs, suggested that The approvals could reach in a period of two to four months.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain

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