Finance

21Shares’ Solana ETF Amendment: Will Regulatory Progress Outpace SOL’s Price Volatility?

21Shares updated its Solana ETF filing, with a new ticker, despite SOL’s price volatility and market pressure.

November 17, 2025, 9:26 PM

The Solana symbol is displayed over a glowing, upward-pointing arrow, symbolizing significant growth. By Creativa Images / Shutterstock.com.

Executive Summary

21Shares has filed an updated S-1/A amendment for its proposed spot Solana exchange-traded fund (ETF), signaling continued regulatory engagement.

The amended ETF filing includes a ticker change to 21SH, reaffirms its commitment to avoiding leverage, and outlines a potential staking component pending regulatory conditions.

Solana (SOL) is currently trading near $130 after a sharp weekly decline of over 22%, but is showing signs of stabilization around key support zones of $138–$142.

The Story So Far

The filing for a spot Solana ETF by 21Shares reflects the broader industry push for regulated investment vehicles in the digital asset space, occurring as Solana (SOL) navigates significant market volatility and trades near multi-month lows, with the proposed ETF also eyeing a potential staking component pending favorable regulatory conditions.

Why This Matters

The ongoing regulatory engagement by 21Shares to launch a spot Solana ETF, as evidenced by the updated filing, signals a persistent effort to bring SOL into mainstream financial products, which could open the door for increased institutional investment and easier access for traditional investors. This push for broader market integration, potentially including a staking component, comes at a crucial time as Solana navigates significant market volatility, suggesting the ETF’s eventual approval could act as a key legitimizing catalyst for the asset.

Who Thinks What?

21Shares continues its efforts to bring a spot Solana ETF to market, filing an updated amendment that includes administrative adjustments and outlines the ETF’s structure and potential staking component.

Crypto analysts like BitGuru and Umair Crypto observe that Solana’s current price is a consolidation point, with bullish divergences suggesting a potential for short-term rebounds and a move towards higher price ranges.

Conversely, other analysts caution that a decisive breakdown below key support levels would invalidate bullish signals, potentially exposing Solana to further declines towards deeper liquidity zones.

21Shares has filed an updated amendment for its proposed spot Solana exchange-traded fund (ETF), signaling continued regulatory engagement as the digital asset Solana (SOL) navigates significant market volatility. The S-1/A filing, dated November 17, introduces administrative adjustments while maintaining the core structure of the ETF, which aims to track the CME CF Solana-Dollar Reference Rate. This development comes as SOL trades near its lowest levels in months, with buyers attempting to defend key support zones.

Filing Adjustments and Regulatory Structure

The amendment includes a ticker change to 21SH, updated share registration language, and a revised IRS employer identification number. The document reaffirms the ETF’s commitment to avoiding leverage and derivatives, and notably outlines a potential staking component, which the sponsor may activate pending favorable regulatory conditions.

The filing details the ETF’s creation and redemption process, which will continue to utilize 10,000-share baskets. Coinbase Custody, Anchorage Digital, and BitGo are identified as the designated custodians responsible for holding the ETF’s SOL. The expected exchange for the fund is Cboe BZX, with language indicating continuous issuance.

Solana Price Holds Key Support Amid Selling Pressure

This regulatory progress unfolds against a backdrop of intense market pressure on Solana, which is currently trading near $130 after a sharp weekly decline that erased over 22% of its value. The price has shown signs of stabilization around the $138–$142 zone, a level where previous buying interest has emerged to counter downward movements.

Crypto analyst BitGuru observed that SOL is “grinding through consolidation zones” and noted that the current price point is often a catalyst for short-term rebounds. Traders are now watching the $140 level as a pivotal point, with a sustained move above it potentially opening the path towards the $155–$170 range.

Umair Crypto highlighted bullish divergences on both daily and 4-hour charts, suggesting these signals frequently precede relief rallies. However, he cautioned that a decisive breakdown below $138 would invalidate this bullish signal, exposing deeper liquidity zones, with analysts identifying $120 as the next significant downside target if momentum continues to weaken.

Outlook

The latest amendment from 21Shares underscores ongoing efforts to bring a Solana ETF to market, even as SOL itself contends with a challenging price environment. The interplay between regulatory advancements and current market dynamics remains a key focus for investors and analysts tracking the asset.