21Shares Files S-1 in U.S. for Its Spot Solana ETF

21Shares filed an S-1 for its spot Solana ETF in the U.S., while its competitor VanEck filed it before that. 21Shares became the second company to file for the launch of a Solana ETF in the U.S. Like VanEck, 21Shares believes Solana's native token should be considered a commodity. However, the U.S. Securities and Exchange Commission (SEC) Enforcement Division has stated that SOL is a security, and that could be a significant hurdle to the launch of these funds. 21Shares SOL will reportedly be managed by Coinbase Custody.