CoinShares submitted a Solana Spot ETF application to the U.S. SEC, joining the competition.

Gate News bot news, European digital asset management company CoinShares has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a Solana (SOL) spot exchange-traded fund (ETF).

The application was submitted on June 13, outlining the plan for the CoinShares Solana ETF to be listed on Nasdaq.

The fund will provide investors with direct exposure to SOL by tracking the reference exchange rate of CF Solana against the US dollar at the Chicago Mercantile Exchange (CME).

Assets will be stored offline in cold wallets. According to the S-1 filing, a portion of the position may also be staked through a designated provider in order to earn a reward.

Meanwhile, a wave of asset management companies, including Fidelity, 21Shares, Franklin Templeton, Grayscale, Bitwise, and Canary Capital, submitted or modified their Solana ETF applications on the same day. VanEck, which was the first to propose a Solana ETF application earlier this year, also submitted an updated application. According to Bloomberg ETF analyst Eric Balchunas, a total of eight companies are currently in the competition.