Bitwise Asset Management has filed to establish a trust entity for a Solana exchange-traded fund (ETF) in Delaware, an initial step in the regulatory process to launch the fund.
The company is expected to soon file a formal application with the US Securities and Exchange Commission (SEC) for final approval.
With this move, Bitwise joins a group of companies seeking to launch Solana exchange-traded funds, including VanEck, which filed its application in June, and 21Shares, which described the initiative as necessary.
For its part, VanEck confirmed that Solana, like Bitcoin and Ethereum, is considered a cryptocurrency.
Bitwise Solana ETF:
The proposed fund aims to track the price of Solana, the world's fourth-largest cryptocurrency by market cap.
Despite the application, Bitwise did not disclose details about the fund’s symbol or the exchange on which it will be listed.
It is worth noting that Bitwise witnessed remarkable growth during 2024, as its assets under management rose to $5 billion by October 15, representing a 400% increase compared to the beginning of the year.
The company has boosted this growth by acquiring Ethereum storage service Attestant.
Meanwhile, the company’s Bitcoin Spot Fund (BITB) continues to attract investors, attracting $2.3 billion in net inflows since its launch, making it the third-largest fund in the space after BlackRock and Fidelity.
Currently, BITB's Bitcoin holdings are worth over $4 billion.
Expanding into crypto funds:
This initiative by Bitwise comes after the company last month applied to launch the first exchange-traded fund that offers exposure to Ripple’s XRP, demonstrating its commitment to expanding its product range to meet the growing demand for cryptocurrencies.
With this, Bitwise continues to strengthen its position in the market through its new initiatives that meet the needs of investors in the fast-growing cryptocurrency space.
