Bitwise Files for Trust to Establish Spot Solana ETF in Delaware
Bitwise, an American digital asset management firm, is working to establish a statutory trust for its spot Solana (SOL) exchange-traded fund (ETF) in Delaware. A registration filing submitted indicates that the Bitwise Solana ETF trust is managed by CSC Delaware Trust Company.
This filing is not official; Bitwise has yet to submit its 19b-4 filing alongside an S-1 registration statement to the US Securities and Exchange Commission (SEC). The SEC will determine whether to approve the investment product, which aims to track the price of Solana.
Bitwise has a history of quickly pursuing new crypto products. However, it may face competition from VanEck and Canary Capital regarding the spot SOL ETF.
If multiple spot SOL ETFs launch, the altcoin could exceed $300 before the current cycle concludes. Solana is nearing its all-time high of $260 following significant growth this year.
Solana's Meteoric Growth
Data from DefiLlama shows Solana represents 33.59% of all DEX trading activity, surpassing Ethereum's 17.54%. This increase in market share is attributed to Solana’s scalability and reliability, attracting developers and investors.
Since November 2023, the SOL token’s market cap has increased by 334.51%, reaching $114.65 billion. Currently priced at $241.58, it has risen by 10.60% in the past week and over 40% in the last month. These factors position Solana as a strong candidate for a spot ETF, appealing to both institutional and retail investors.
Matthew Sigel, a digital asset research executive at VanEck, expressed optimism about the likelihood of a US-approved spot Solana ETF within the next year. He cites a potentially favorable regulatory environment under Donald Trump's administration, which is perceived as more supportive of cryptocurrency adoption.
Sigel’s comments reflect increasing confidence in the SEC's eventual approval of crypto-focused ETFs. Nevertheless, the SEC has postponed decisions on other crypto-related products until next year.
In early November, Donald Trump was elected president of the United States, having voiced support for Bitcoin and blockchain during his campaign. The crypto community anticipates approvals for spot crypto ETFs under Trump's administration.