Bitwise Files for Spot Solana ETF in the US State Delaware
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Highlights:
- Bitwise has filed to create a Delaware trust for a proposed SOL ETF.
- Solana ETF will track Solana’s price, but the exchange listing and ticker remain undisclosed.
- VanEck predicts a high likelihood of Solana ETF approval in 2025 despite skepticism.
On November 20, Bitwise Asset Management filed in Delaware to establish a trust entity for its proposed Bitwise Solana (SOL) exchange-traded fund (ETF), marking an initial step toward its launch. This move signals the company may soon file an S-1 registration statement with the US Securities and Exchange Commission (SEaC). The registered agent listed is CSC Delaware Trust Company, based in Wilmington, Delaware.
Bitwise’s proposed Solana ETF will track Solana’s price, the fourth-largest cryptocurrency by market cap. However, the firm has not disclosed an exchange listing or proposed ticker. The filing did not mention which stock exchange would list the Solana product. However, the Bitwise Ethereum ETF and Bitwise Bitcoin ETF are both listed on the New York Stock Exchange Arca.
Bitwise Joins Race for Solana ETF Approval
Bitwise joins asset managers like VanEck and Canary in the race for approval of a Spot Solana ETF. However, to officially join them, Bitwise must submit a 19b-4 filing and an S-1 registration statement to the United States Securities and Exchange Commission (SEC).
🚨BREAKING: Bitwise just filed a Solana ETF Trust registration in Delaware, per state department filings. pic.twitter.com/lZn8s9w5XA
— SolanaFloor (@SolanaFloor) November 20, 2024
This move comes after the crypto asset manager submitted an S-1 registration form with the SEC last month to launch an XRP ETF.
Odds Favor SOL ETF Approval in Next Year, Says VanEck
In a recent Financial Times interview, Matthew Sigel, head of digital asset research at VanEck, shared his thoughts. He stated that the chances of a spot Solana ETF being approved in the next year are high.
Sigel wrote:
“We would expect the SEC to approve more crypto products than they have in the past 4 years. I think the odds are overwhelmingly high that there will be a Solana ETF trading by the end of next year.”
VanEck's @matthew_sigel…
"I think the odds are overwhelmingly high that there will be a solana ETF trading by the end of next year."
via @SteveJohnson000 pic.twitter.com/EtMRgLL3Js
— Nate Geraci (@NateGeraci) November 15, 2024
A Trump presidential win could pave the way for more than half a dozen proposed crypto ETFs awaiting regulatory approval in the US. In 2024, asset managers filed multiple regulatory submissions to list ETFs holding altcoins such as Litecoin (LTC), XRP, and Solana among others. Issuers are also waiting for approval of various crypto index ETFs that will contain a mix of tokens.
ETF Store President Nate Geraci pointed out ongoing spot ETF filings for these major cryptocurrencies. He speculated that ETF issuers may file for ETF products of Avalanche (AVAX) and Cardano (ADA). Bloomberg’s analyst Eric Balchunas anticipates a spot DOGE ETF filing by December 31, 2024. This follows the Dogecoin price rally in November.
12/31 feels like a good over/under date for Doge filing
— Eric Balchunas (@EricBalchunas) November 21, 2024
Solana Price Momentum
At the time of writing, Solana is trading at $240.46, reflecting a 3.12% increase in the past 24 hours. As the price continues to rise, it is nearing its all-time high of $260, needing just an 8% surge to reach that level. Market analysts predict Solana could hit a new all-time (ATH) high above $300 by year-end.
