Core Insights - 21shares has launched the 21Shares Solana ETF (TSOL) on CBOE, providing U.S. investors with transparent exposure to Solana (SOL), a prominent blockchain network for various applications [1][3] - TSOL features a total expense ratio (TER) of 0.21% and incorporates staking to potentially enhance returns, allowing crypto holders to earn rewards by locking up their assets [1][3] - The launch of TSOL follows previous successful crypto ETP launches, including the 21Shares Ethereum ETF (TETH) and the ARK 21Shares Bitcoin ETF (ARKB), which collectively manage over $8 billion in assets [2] Company Overview - 21shares is recognized as one of the largest issuers of cryptocurrency exchange traded products (ETPs) globally, with a focus on making cryptocurrency accessible to investors [5][6] - The company has a track record of innovation in the crypto ETP space, having launched the world's first physically-backed crypto ETP in 2018 and managing the largest spot Solana ETP with over $1 billion in assets as of November 14, 2025 [3][5] - 21shares has partnered with FalconX to enhance its service offerings and expand its market reach, leveraging FalconX's position as a leading crypto prime brokerage [4][6] Market Context - The demand for Solana has surged due to its applications in stablecoin development, cross-border payments, and decentralized finance, with a reported growth rate of 83% in 2024 [3] - The regulatory landscape is evolving to support crypto ETPs, which is expected to drive further adoption and interest in the crypto asset class among traditional financial players [4] - The launch of TSOL is seen as a significant step in diversifying crypto exposure for U.S. investors, highlighting Solana's efficiency and real-world use cases [4]

Core Insights - Two major crypto ETF issuers, Bitwise and 21Shares, are introducing staking features to their funds in the U.S. market, following Grayscale's lead in offering staking in its Ethereum ETFs [1][4] Group 1: Bitwise Developments - Bitwise has renamed its product to "Bitwise Solana Staking ETF" and introduced a 0.20% unitary management fee, which will be waived for the first three months on the first $1 billion in assets [2] - The proposed fee of 0.20% is lower than most competing crypto ETF filings, which typically range from 0.21% to 0.25% [3] Group 2: 21Shares Enhancements - 21Shares has enhanced its Ethereum ETF (TETH) by adding staking and waiving its 0.21% sponsor fee for 12 months starting October 9 [3] - The addition of staking is seen as a natural evolution of Ethereum investment products in the U.S. market, providing investors with opportunities to earn additional income [4] Group 3: Market Implications - The introduction of staking is expected to attract institutional investors, who will be interested in how much of the staking yield will be passed to them [5] - Analysts suggest that low fees are likely to attract investors, indicating a potential for increased inflows into these ETFs [5]

Core Viewpoint - 21Shares US LLC has announced enhancements to the 21Shares Ethereum ETF (TETH), including the introduction of staking and a 12-month waiver of the sponsor fee, aimed at providing investors with additional yield-generating opportunities and cost efficiency [1][3][4]. Group 1: Product Enhancements - The Trust will participate in Ethereum's network validation process through staking, allowing investors to benefit from the yield-generating potential of the protocol [2][11]. - TETH will continue to track the performance of ether, adjusted for the Trust's expenses and liabilities, while reflecting rewards from staking a portion of the Trust's ether [2][3]. - The total expense ratio (TER) for TETH is set at 0.21%, which will be fully waived for the first 12 months starting from October 9, 2025 [3]. Group 2: Market Position and Strategy - 21Shares manages over $12 billion in assets globally and has a significant presence across major exchanges in Europe and the U.S., indicating its strong market position [4]. - The introduction of staking to TETH is described as a natural evolution of Ethereum investment products in the U.S. market, reinforcing the company's goal to deliver institutional-grade crypto products [4]. - 21Shares also offers the ARK 21Shares Bitcoin ETF (ARKB), which has quickly established itself as a leading spot Bitcoin ETF in the U.S. with over $5.5 billion in assets under management [4]. Group 3: Company Background - 21Shares AG, an affiliate of 21Shares US LLC, is recognized as one of the world's leading cryptocurrency exchange-traded product providers, with a focus on making cryptocurrency more accessible to investors [6]. - The company has a seven-year track record of creating crypto exchange-traded funds listed on major securities exchanges globally, supported by a specialized research team and deep capital markets expertise [6].

Group 1 - 21Shares is discontinuing three of its five ETFs, which are relatively small and stem from its partnership with ARK Invest [1][3] - The liquidated ETFs include the $12 million ARK 21Shares Active Bitcoin Futures Strategy (ARKA), $13 million Active Ethereum Futures Strategy (ARKZ), and $11 million Blockchain and Digital Economy Innovation ETF (ARKD) [3] - The remaining ETFs are the $4.8 billion ARK 21Shares Bitcoin ETF (ARKB) and the $35 million 21Shares Ethereum ETF (TETH) [3] Group 2 - There has been a decline in demand for crypto futures ETFs, which are now considered suboptimal compared to other investment options [3][4] - 21Shares is actively seeking approval from the SEC for a variety of new crypto ETFs, indicating a shift towards building its own brand in the cryptocurrency space [4] - The SEC has recently accelerated its approval process for crypto ETFs, encouraging issuers to file for spot crypto funds [4] Group 3 - 21Shares is preparing to launch multiple new ETFs, including those tracking crypto indexes and spot-price ETFs for various cryptocurrencies such as Sei, Sui, XRP, Solana, Ondo, Polkadot, and Dogecoin [6] - The company is also planning at least two leveraged funds: the 21Shares 2x Long Dogecoin and 2x Long Sui ETFs [6]

Group 1 - 21Shares US LLC announced the renaming of the 21Shares Ethereum Core ETF (CETH) to the 21Shares Ethereum ETF (TETH), effective August 28, 2025, with no impact on investment objectives or client holdings [1][2] - The Fund will continue to track the performance of ether, measured by the CME CF Ether-Dollar Reference Rate [2] - 21Shares AG is a leading provider of cryptocurrency exchange-traded products (ETPs) and aims to make cryptocurrency more accessible to investors, bridging traditional finance and decentralized finance [3] Group 2 - 21Shares has a seven-year track record of creating crypto ETPs listed on major securities exchanges globally, backed by a specialized research team and proprietary technology [3] - The company is a member of 21.co, a global leader in decentralized finance [4]