Key Highlights
- 21Shares launched the 21Shares Solana ETF (TSOL) on CBOE, offering U.S. investors transparent exposure to the Solana (SOL) blockchain.
- A key feature is staking, allowing the fund to earn rewards by supporting the network’s security.
- TSOL is the third major spot crypto ETP launched by 21Shares in the U.S., following the ARK 21Shares Bitcoin ETF (ARKB), with over $8 billion in AUM, and the 21Shares Ethereum ETF (TETH).
21Shares, an issuer of cryptocurrency exchange-traded products (ETPs), today announced the launch of the 21Shares Solana (SOL) ETF TSOL on the Chicago Board Options Exchange (CBOE), an American financial exchange operator.
The newly launched TSOL has been designed to track the performance of Solana, a blockchain network active in decentralized finance, gaming, and identity protection. The fund is structured to include staking, allowing it to further enhance returns by locking up a portion of the Solana assets to support the operation and security of that network. It carries a Total Expense Ratio (TER) of 0.21%.
21Shares’ established leadership in the market
Russell Barlow, CEO of 21 Shares, highlighted the company’s global leadership in the crypto ETP space since 2018, noting its specific expertise in managing the world’s largest spot Solana ETP for the European market.
Barlow stated, “Having launched our Solana ETP for European investors in 2021, 21Shares manages the largest spot Solana ETP in the world with over $1bn in AUM as of November 14, 2025. We are thrilled to have the opportunity to leverage our nearly eight-year track-record of developing, launching and managing crypto ETPs to bring TSOL to the U.S. market.”
TSOL is the company’s third major spot crypto ETP in the U.S., following two earlier high-profile projects. The company launched the 21Shares Ethereum ETF (TETH) in July 2024 and the ARK 21Shares Bitcoin ETF (ARKB) in partnership with Ark Invest in January 2024. The Bitcoin ETF has garnered investor interest, currently holding over $8 billion in AUM.
Federico Brokate, Global Head of Business Development at 21Shares, shared his views on the ETF, stating, “TSOL provides U.S. investors with the opportunity to diversify their crypto exposure through one of the world’s most powerful blockchains and marks the latest addition to 21Shares’ growing lineup of spot crypto ETPs for U.S. investors. Solana’s efficiency and its large array of real-world use cases make it a potentially interesting investment for retail and institutional investors alike.”
He added, “Over the past year, we’ve seen an impressive wave of adoption of crypto ETPs in the U.S., particularly as regulatory and legislative tailwinds fuel growth, innovation and excitement throughout the entire crypto ecosystem.”
What investors should know
The product is marketed as an easy, effective, and transparent method for institutional and retail U.S. investors to incorporate Solana exposure into their investment portfolios. Solana’s developer ecosystem, which supports decentralized infrastructure and AI-driven tools, grew by 83% in 2024.
However, the fund’s official release contains important disclosures. The 21Shares Solana ETF is not subject to the same regulatory oversight and protections as mutual funds and ETFs because it is not registered under the Investment Company Act of 1940 (the “40 Act”). Investors should be aware that TSOL is not a direct investment in the cryptocurrency Solana (SOL), and it is susceptible to risk and increased volatility. Individuals who cannot afford the loss of their entire investment should not invest in the underlying Solana assets.
Brokate still sees this adoption of crypto ETPs as being in the early stages in the United States, which means interest in the asset class is due to continue improving as traditional finance players become more aware of and accepting of blockchain technology as a possible basis for the future of capital markets.
Meanwhile, 21Shares recently partnered with FalconX, a crypto prime brokerage. This move could perhaps expand the outreach of 21Shares globally and give more power to its ongoing market extension efforts in North America, Europe, and Latin America.
The launch of TSOL is another step in 21Shares’ expansion of its U.S. digital asset product suite, providing actively managed, staking-enabled exposure to Solana’s growing network. While the new products carry risks that should be thoughtfully considered by investors, they reflect the broader trend towards crypto assets becoming better integrated with traditional financial markets.
