Nordic Solana

<!doctype html><html lang="en"><head> <meta charset="utf-8"> <title>Nordic Solana</title> <link rel="shortcut icon" href="https://insights.ultumus.com/hubfs/SIX_ULTUMUS-01-1.png"> <meta name="description" content="Valour, the Swiss crypto ETP issuer, has launched a Solana cryptocurrency ETP in Scandinavia."> <link href="https://maxcdn.bootstrapcdn.com/font-awesome/4.7.0/css/font-awesome.min.css" rel="stylesheet">  <link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/slick-carousel/1.9.0/slick-theme.min.css"> <link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/slick-carousel/1.9.0/slick.min.css" integrity="sha256-UK1EiopXIL+KVhfbFa8xrmAWPeBjMVdvYMYkTAEv/HI=" crossorigin="anonymous"> <meta name="viewport" content="width=device-width, initial-scale=1"> <script src="/hs/hsstatic/jquery-libs/static-1.4/jquery/jquery-1.11.2.js"></script> <script>hsjQuery = window['jQuery'];</script> <meta property="og:description" content="Valour, the Swiss crypto ETP issuer, 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hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text">Nordic Solana</span></h1></div> <div class="blog-listing-wrapper style-one cell-wrapper"> <a class="blog-listing-author" href="https://insights.ultumus.com/author/bernie-thurston">By <span>Bernie Thurston</span></a> <div class="date"> September 17, 2021 </div> </div> </div> </div> </div> <div class="blog-detail-wraper"> <div class="share fixedsocailmedia-block"> <ul> <li> <a href="https://twitter.com/intent/tweet?url={url}&text={title}" class="social-twi" title="Twitter" target="_blank"> <i class="fa fa-twitter"></i> </a> </li> <li> <a href="https://www.linkedin.com/shareArticle?mini=true&url={url}&title={title}" class="social-lin" title="Linkedin" target="_blank"> <i class="fa fa-linkedin-square"></i> </a> </li> </ul> </div> <div class="container"> <div class="row-fluid"> <div class="span10 blog-post-section"> <div class="widget-type-blog_content"> <div class="blog-listing-wrapper cell-wrapper"> <div class="blog-section"> <div class="blog-post-wrapper cell-wrapper"> <div class="section post-body"> <span id="hs_cos_wrapper_post_body" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_rich_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="rich_text"><p><strong>Competitor Solana ETP in the Nordics</strong></p>  <p>Valour, the Swiss crypto ETP issuer, has launched a Solana cryptocurrency ETP in Scandinavia.</p> <p> </p> <p>It is the second Solana ETP to list on European exchanges after 21Shares pioneered the effort three months ago. <span>The Valour Solana (SOL) SEK ETP will trade on the Nordic Growth Market stock exchange which is based in Sweden. The 21Shares Solana ETP (ASOL)  has currently collected $100M in assets.</span>  </p> <p> </p> <p>Solana is one of the largest cryptocurrencies, currently ranking seventh based on market cap according to Coinbase. It is sometimes regarded as a rival to Ethereum as it also offers smart contracts.</p> <p> </p> <p>The primary difference between the two is that Solana uses a more environmentally-friendly proof-of-stake system, whereas Ethereum uses the more carbon-intensive proof-of-work. Solana can also process contracts faster.</p> <p> </p> <p>In 2021, we have witnessed an environmental rally of sorts within cryptocurrencies. The more energy efficient cryptos – like Solana and Cardano – have strongly outperformed.</p> <p> </p> <p>Ethereum sees the threat and has started creating “Ethereum 2.0”, which uses a proof-of-stake system as well.</p> <p> </p> <p>SOL charges 1.9%.</p> <p> </p> <p><strong>Bernie’s commentary – who needs inflows when you have 400% return in two months?</strong></p> <p>There are two ways for ETFs to grow their AUM: inflows and performance. ETF issuers tend to focus on inflows in my experience. They figure performance is out of their control, whereas inflows are controllable with sales, marketing and product development.</p> <p><img src="https://insights.ultumus.com/hs-fs/hubfs/solana.png?width=760&name=solana.png" alt="solana" width="760" loading="lazy" style="width: 760px;" srcset="https://insights.ultumus.com/hs-fs/hubfs/solana.png?width=380&name=solana.png 380w, https://insights.ultumus.com/hs-fs/hubfs/solana.png?width=760&name=solana.png 760w, https://insights.ultumus.com/hs-fs/hubfs/solana.png?width=1140&name=solana.png 1140w, https://insights.ultumus.com/hs-fs/hubfs/solana.png?width=1520&name=solana.png 1520w, https://insights.ultumus.com/hs-fs/hubfs/solana.png?width=1900&name=solana.png 1900w, https://insights.ultumus.com/hs-fs/hubfs/solana.png?width=2280&name=solana.png 2280w" sizes="(max-width: 760px) 100vw, 760px"></p> <p> </p> <p>But Solana to me poses an interesting thought experiment: what if your ETP performs so well that inflows don’t matter? Can you just grow your AUM on performance alone? This matters for today’s listing as 21Shares ASOL is up 460% the past few months. Meaning that some of its AUM – but by no means all of it – will have come from performance.</p> <p> </p> <p>Commodity ETPs offer precedent. The Xtrackers Physical Rhodium ETC (XRH0) generated a ridiculous 3,000% return in four years and ballooned its AUM to $130M as of March 2021. And did so despite issuing no new units from 2016, and despite Xtrackers never really marketing or selling it.</p> <p> </p> <p>Who needs flows when you have stupendous performance?</p> <p> </p> <p>The rally also has strategic implications, which I think may strengthen 21Shares hand. As ASOL has rallied strongly, its AUM should be “sticky” as investors selling out will incur capital gains taxes. Meaning that I don’t believe Valour’s new competitor SOL will take assets directly from ASOL. It will also have the performance history, which investors love looking at when picking products.</p> <p><strong> </strong></p> <p><span>Nonetheless, SOL is slightly cheaper on a 1.9% expense ratio And ASOL and SOL trade in very different countries. And maybe they can both succeed at the same time.</span></p> <p> </p> <p><span>I just think these crypto products that take into environmental impact have a great opportunity</span></p> <p> </p> <p> </p> <p> </p> <p><span class="hs-cta-wrapper" id="hs-cta-wrapper-cdaae7ff-90be-4795-920c-8c27fc4308bd"><span class="hs-cta-node hs-cta-cdaae7ff-90be-4795-920c-8c27fc4308bd" id="hs-cta-cdaae7ff-90be-4795-920c-8c27fc4308bd"><a href="https://cta-redirect.hubspot.com/cta/redirect/8446674/cdaae7ff-90be-4795-920c-8c27fc4308bd" target="_blank" rel="noopener"><img class="hs-cta-img" id="hs-cta-img-cdaae7ff-90be-4795-920c-8c27fc4308bd" style="border-width:0px;margin: 0 auto; display: block; margin-top: 20px; margin-bottom: 20px" src="https://no-cache.hubspot.com/cta/default/8446674/cdaae7ff-90be-4795-920c-8c27fc4308bd.png" alt="Subscribe to our Blog Notifications" align="middle"></a></span><script charset="utf-8" src="/hs/cta/cta/current.js"></script><script type="text/javascript"> hbspt.cta._relativeUrls=true;hbspt.cta.load(8446674, 'cdaae7ff-90be-4795-920c-8c27fc4308bd', {"useNewLoader":"true","region":"na1"}); </script></span></p></span> </div> </div> </div> <div class="blog-section"> <div class="blog-listing-wrapper cell-wrapper"> <div class="post-listing"> </div> <div class="blog-pagination"> <a class="all-posts-link" href="https://insights.ultumus.com">All posts</a> </div> </div> </div> </div> </div> <div class="author-detail-wrap"> <div class="author-detail"> <div class="author-header"> <h6>About Author</h6> </div> <div class="image"> <div class="hs-author-avatar" style="background-image: url(https://insights.ultumus.com/hubfs/BT.png);"></div> </div> <div class="author-description"> <a class="author-link" href="https://insights.ultumus.com/author/bernie-thurston">Bernie Thurston</a> <p>Bernie loves data. Fortunately for him, London’s finance industry has been indulgent, providing him lots of benchmark data to play with and enjoy. Bernie’s journey began at Sky, where he designed the first interactive television and helped build a technical-based charity (ctt.org). He then hopped over to finance, and soon found himself at a start-up working on dividends and derivatives. Then, by nature of the fact that finance and technology have rapidly conjoined, he found himself working with Credit Suisse to build an index aggregation and distribution platform. Markit then acquired the start-up and Bernie battled his way up the greasy pole becoming the Managing Director of Markit’s equities division, with responsibility for index, ETF and Dividends. But the siren song of startups called once more. And Bernie was headhunted to rescue a failing index business. Over five years, he helped reverse the fortunes of DeltaOne Solutions, turning into a fighting force. 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