21Shares Launching World’s First Solana ETP on SIX Swiss Exchange

The exchange-traded product will track the performance of Solana’s native SOL token.

AccessTimeIconJun 25, 2021 at 7:00 p.m. UTC
Updated May 9, 2023 at 3:21 a.m. UTC

Switzerland-based investment product provider 21Shares is launching the world’s first Solana exchange-traded product (ETP). The vehicle, trading under the “ASOL” ticker, goes live on Tuesday. 

21Shares, formerly known as Amun, said Friday the Solana ETP will list on Switzerland’s primary stock exchange, the Swiss SIX.

  • Candy Digital Co-Founder on Building the Rails for Future Digital Engagement
    00:58
    Candy Digital Co-Founder on Building the Rails for Future Digital Engagement
  • U.S. House Fails to Overturn Biden’s Veto; Staked Ether Close to All-Time High
    02:00
    U.S. House Fails to Overturn Biden’s Veto; Staked Ether Close to All-Time High
  • U.S. Spot Bitcoin ETF Flows Drop in Q2: Kaiko
    00:47
    U.S. Spot Bitcoin ETF Flows Drop in Q2: Kaiko
  • What's the Biggest Problem With Play-to-Earn Model?
    00:47
    What's the Biggest Problem With Play-to-Earn Model?
  • The Solana ecosystem is backed heavily by Sam Bankman-Fried, the CEO and founder of crypto derivatives exchange FTX and Alameda Research. SOL is currently the 14th-largest cryptocurrency with a market cap of nearly $8 billion, according to CoinGecko.

    Solana Labs, the team building the Solana network, raised $314 million earlier this month in a token sale co-led by Andresseen Horowitz and Polychain Capital.

    The 21Shares ETP will give investors exposure to the high-throughput Solana blockchain and track the performance of its SOL token with each unit of the ETP backed by 0.667 SOL at launch with a base fee of 2.5% per annum.

    The Solana ETP structure is physically collateralized, segregated and replicates 1:1 the tracking of the crypto asset, 21Shares said.

    ETPs go exotic

    European regulators have been showing an increased willingness to list a wide range of cryptocurrency ETPs as the asset class grows in popularity. Due to increased demand, 21Shares launched ETPs for the native cryptocurrencies of the Stellar and Cardano blockchains in April

    21Shares said it has appointed Coinbase Custody as the SOL ETP’s main custodian. 

    “These new ETPs deliver what clients asked for,” 21Shares CEO Hany Rashwan said in a statement. “We expect to add two new crypto ETPs in the next months together with new listing and trading venues.”

    The Solana ETP will also be available on the Stuttgart and Dusseldorf multilateral trading facilities (MTFs) in Germany. 

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.