Digital asset management company Bitwise has filed for a regulated trust fund for the proposed Solana exchange-traded fund (ETF) in Delaware — indicating that they may soon submit an S-1 application to the U.S. Securities and Exchange Commission.
The Bitwise Solana (SOL) ETF was established on November 20, according to information from the Delaware Division of Corporations website. The registered agent listed is CSC Delaware Trust Company, based in Wilmington, Delaware.
Bitwise still needs to file a 19b-4 and the S-1 registration with the U.S. Securities and Exchange Commission to officially enter the race against VanEck and Canary Capital.
On October 1, Bitwise filed for an XRP ETF (XRP) in Delaware, and the next day submitted an S-1 form to the U.S. Securities and Exchange Commission.
If approved, Bitwise's Solana ETF will aim to track the price movements of the world's fourth-largest cryptocurrency.
The filing does not specify which stock exchange will list the Solana product — however, Bitwise's Bitcoin ETF and Ethereum ETF are both listed on the New York Stock Exchange Arca.
No ticker symbol has been proposed for Bitwise's Solana ETF.
Registration of Bitwise's Solana ETF. Source: Delaware Division of Corporations
Matthew Sigel, head of digital asset research at VanEck, predicts that the likelihood of a Solana ETF being approved in the U.S. will be 'extremely high' by the end of 2025.
Part of Sigel's reasoning is based on a more crypto-friendly regulatory environment under the Trump administration, expected to take office on January 20.
Many industry experts predict that the inflow into the Solana ETF will be small compared to what has been seen with Bitcoin ETFs (BTC) and Ether (ETH).
Solana has been one of the best-performing cryptocurrencies in this bull cycle, increasing by 2,360% to $236.91, according to data from CoinGecko.
However, Solana has been one of the worst-performing cryptocurrencies in this bear cycle compared to other large-cap currencies, and it has yet to reach a new all-time high in this cycle.
This comes amidst the Securities and Exchange Commission delaying its decision to approve the Franklin Templeton Crypto Index ETF until early 2025.
Asset managers have also filed for Litecoin (LTC) ETFs at market prices.
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