21 Shares, a Swiss investment firm for cryptocurrencies, is set to launch the world’s first solana (SOL) exchange-traded product (ETP), or publicly traded product.
The investment product will be launched next Tuesday at SIX, Switzerland’s largest trade fair, under the stock market sticker: ASOL. These types of investment products give (institutional) investors the opportunity to invest in the price of a crypto without actually having to own and store the crypto themselves.
The Solana network launched in March 2020, but the SOL price only started to rise sharply in 2021. On January 1, the price of SOL was still at $1.52 and on May 18 it reached an all-time high (ATH) of $58, a rise of no less than 3.715%. However, since then, like the rest of the market, the price has been in a downtrend and is currently falling below $28, more than 50% below the ATH.
21 Shares, formerly Amun, also launched the world’s first ETP for polka dot (DOT) earlier this year. The company also offers ETPs for bitcoin (BTC), ethereum (ETH), cardano (ADA), ripple (XRP), bitcoin cash (BCH), binance coin (BNB), stellar (XLM), tezos (XTZ), and more. .
Grayscale Investments, the major US crypto asset manager, also recently announced that it is considering setting up an investment product for solana. The company recently added solana along with polygon (MATIC) and 13 other tokens to a list of cryptos it is researching and considering for such an investment product.
Solana Labs, the developer of Solana network, recently raised a whopping $314 million in a private token sale led by Andreessen Horowitz, among others. Andreessen Horowitz himself announced the “biggest crypto fund ever” of $2.2 billion the day before yesterday. The fund is mainly intended for financing crypto startups.