Bitwise Asset Management has registered a statutory trust in Delaware, signaling plans to launch a spot Solana exchange-traded fund (ETF). The registration, dated November 20, lists CSC Delaware Trust Company in Wilmington as the agent. While this is a preliminary step, Bitwise must still submit an S-1 registration statement and a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) to seek official approval for the ETF.
If approved, the Bitwise Solana ETF would track the price of Solana (SOL), the fourth-largest cryptocurrency by market capitalization. No ticker symbol or stock exchange listing has been disclosed. Bitwise’s existing Bitcoin and Ethereum ETFs are listed on the New York Stock Exchange Arca.
Bitwise Giving Tough competition To VanEck
The proposed ETF would join the list of cryptocurrency-focused funds. Bitwise recently filed for a spot XRP ETF in October, following a similar process by submitting an S-1 form after registering in Delaware. Other asset managers, including VanEck, have also submitted filings for Solana ETFs, with VanEck expressing optimism about potential approval.
VanEck’s head of digital asset research, Matthew Sigel, stated that the probability of a U.S.-approved Solana ETF is “overwhelmingly high” by 2025. Sigel’s optimism is tied to expectations of a more crypto-friendly regulatory environment under the Trump administration.
When Will SEC Approve Solana ETF?
The SEC has historically scrutinized crypto ETFs, citing concerns about market manipulation, asset custody, and regulatory clarity. Previous Solana ETF filings were withdrawn due to unresolved issues. Analysts suggest the SEC’s opinion could change if a new chair is appointed under the Trump administration.
The potential approval of a Solana ETF under the Trump administration could be a turning point for the U.S. cryptocurrency market. It would align the U.S. with countries like Brazil, which launched a Solana ETF earlier this year. The approval could also lead to increased institutional adoption of Solana and other cryptocurrencies.
As of this writing, Solana’s price has risen modestly by 2.45% in the past 24 hours, trading at $235.91.
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