ARK adds staked Solana to two tech ETFs
ARK Invest has added exposure to staked Solana (SOL) to the portfolios of two of its exchange-traded funds (ETFs), the asset manager said in a client email reviewed by Cointelegraph.
As of April 21, the two ARK funds — ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) — now hold shares of 3iQ’s Solana Staking ETF (SOLQ), a Canadian ETF holding staked SOL, ARK said.
The two ARK funds are designed to offer broad exposure to emerging technologies, and comprise a mix a technology stocks — including crypto-focused companies such as Coinbase, Block, and Robinhood — and spot cryptocurrencies, according to ARK’s website.
According to ARK, adding the SOL ETF shares makes “ARKW and ARKF the first US-listed ETFs to gain exposure to Solana.”
In March, asset manager Volatility Shares launched two ETFs that offer exposure to SOL using financial derivatives, but spot Solana ETFs are still awaiting approval by US regulators.
Related: Spot Solana ETFs to launch in Canada this week
Solana ETFs’ proposals line up for approval
Experts say the recent listing of Solana futures on the Chicago Mercantile Exchange (CME), a US derivatives exchange, indicates that US SOL ETF listings are coming soon.
Last week, 3iQ launched its Solana ETF in Canada following approval of several such funds by the Ontario Securities Commission (OSC), Canada’s largest securities regulator.
Solana is the second-most popular blockchain network after Ethereum. Its total value locked exceeds $7 billion, versus approximately $45 billion for the Ethereum network, according to data from DefiLlama.
The US Securities and Exchange Commission (SEC) authorized spot Ether ETFs to trade in the United States in July 2024.
In July, ARK partnered with 21Shares, a crypto-focused fund issuer, to launch ARK 21Shares Bitcoin ETF (ARKB), a spot Bitcoin (BTC) fund with nearly $4 billion in net assets as of April 21, according to ARK’s website
It also partnered with 21Shares on an Ether ETF but dissolved the partnership in June, shortly before the fund launched under 21Shares’ branding.
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