Originally published on: November 21, 2024
Bitwise, a digital asset manager, has taken a significant step towards introducing a spot Solana exchange-traded fund (ETF) by registering a statutory trust in Delaware. This move hints at a potential S-1 registration statement filing with the United States Securities and Exchange Commission (SEC) in the near future.
The incorporation of Bitwise SolanaSOLETF in Delaware on Nov. 20 marks a crucial development. The registered agent, CSC Delaware Trust Company, based in Wilmington, Delaware, paves the way for upcoming regulatory procedures. Bitwise is looking to submit a 19b-4 filing and S-1 registration statement to the SEC, positioning itself alongside competitors like VanEck and Canary Capital in the ETF race.
Previously, Bitwise filed for a spot XRPXRPETF in Delaware on Oct. 1, followed by its S-1 submission to the SEC the next day.
Pending approval, the Bitwise Solana ETF aims to mirror the price movement of the world’s fourth-largest cryptocurrency. While the filing doesn’t specify the stock exchange to list the product, Bitwise’s Bitcoin ETF and Ethereum ETF are featured on the New York Stock Exchange Arca.
VanEck’s head of digital asset research, Matthew Sigel, anticipates strong prospects for a US-approved Solana ETF by late 2025. He cites a favorable regulatory environment under the incoming Donald Trump administration as a contributing factor.
Although the influx into approved spot Solana ETFs is expected to be modest compared to Bitcoin and Ether ETFs, Solana has demonstrated notable growth this bull cycle. Despite its recent bear cycle performance lagging behind other major coins, Solana’s 2,360% surge to $236.91 underscores its potential.
As the SEC extends its deliberation on approving a Franklin Templeton Crypto Index ETF until early 2025, asset managers are also pursuing spot LitecoinLTCETFs. The evolving landscape of crypto ETFs in the market points towards a dynamic future ripe with investment opportunities and regulatory developments.
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