US-based crypto investment firm Bitwise continues to make serious strides in its goal of offering a Solana-based exchange-traded fund (ETF).
As we have previously brought to the agenda, the company's application to the US Securities and Exchange Commission (SEC) reveals Solana's future potential.
With this move, Bitwise becomes the fourth investment firm to file for the Solana ETF. Previously, VanEck and 21Shares filed similar applications in June, and Canary Capital in October. It is anticipated that current SEC Chairman Gary Gensler will resign when Donald Trump takes office in January, and this change could create a crypto-friendly regulatory environment.
Solana’s ETF potential
Solana has been one of the shining stars of this year’s bull run, thanks in part to the intense activity in memecoin trading. Its SOL token is drawing investors’ attention as it approaches its late-2021 highs. Bitwise’s ETF plan could make SOL more accessible to Wall Street investors.
Bitwise is known for ETFs based on assets previously considered commodities in the U.S., such as Bitcoin (BTC) and Ethereum (ETH), but the company is taking a bold approach by filing ETFs for more controversial assets like XRP and now SOL.
Bitwise and Cboe partnership
The filing documents prepared by Bitwise in collaboration with Cboe have already been submitted to the SEC’s due diligence process. In addition to the Form 19b-4s filed by Cboe on Thursday, Bitwise’s Form S-1, which is required to launch an ETF, has not yet been made public.
Bitwise Chief Investment Officer Matt Hougan confirmed the information in a Delaware corporate filing but declined to comment further. The company, which had $5 billion in assets under management last month, has been ramping up its marketing efforts to registered investment advisors in the U.S.
Stay tuned.
