The application, submitted via the SEC’s EDGAR system, identifies CoinShares Co. as the sponsor of the fund, with Coinbase Custody and BitGo Trust slated to handle custody of the underlying SOL tokens.
CoinShares joins seven other firms seeking approval for similar products. These include VanEck, 21Shares, Bitwise, Franklin Templeton, Canary Capital, Grayscale Investments, and Fidelity Investments.
The timing of CoinShares’ filing coincides with increasing speculation that the SEC may be softening its stance toward crypto spot ETFs. Last week, several asset managers, including VanEck and Franklin Templeton, reportedly amended their filings at the request of the SEC.
These amendments included additional details on in-kind redemptions and staking methodologies, indicating a shift in how regulators may approach products that incorporate on-chain functionality such as staking.
Filed under Form S-1, the ETF would be sponsored by Yorkville America Digital LLC, with flexibility to change the asset allocation ratio at its discretion. Foris DAX Trust Co. LLC is named as the custodian. Truth Social becomes the third known entity to pursue a dual crypto ETF product, joining Bitwise and Hashdex.
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