21Shares to Launch World’s First Solana ETP on Swiss Stock Exchange SIX

Swiss investment product provider 21Shares will launch the world’s first Solana exchange-traded product (ETP), trading under the ticker symbol ASOL, which will be listed on Switzerland’s main stock exchange SIX starting Tuesday.

The ETP will track the performance of Solana blockchain’s native token SOL. According to Bitpush terminal data, SOL is currently the 15th largest cryptocurrency with a market value of nearly $8 billion.

The Solana ecosystem has received strong support from crypto derivatives exchange FTX and Alameda Research CEO and founder Sam Bankman-Fried.

Earlier this month, Solana Labs, the team behind Solana, raised $314 million 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, with each ETP backed by 0.667 SOL at launch and a base fee of 2.5% per year. Coinbase Custody is the primary custodian of the SOL ETP.

As the crypto asset class grows in popularity, European regulators have become more willing to list various cryptocurrency ETPs. Due to increased demand, 21Shares launched ETPs for the native cryptocurrencies of the Stellar and Cardano blockchains in April.

“These new ETPs respond to requests from our clients, and we expect to add two new crypto ETPs and open new trading venues in the coming months,” 21Shares CEO Hany Rashwan said in a statement.

The Solana ETP will also be available on Germany’s Stuttgart and Dusseldorf multilateral trading markets (MTFs).