Digital asset management firm Bitwise has registered a regulated trust for a Solana ETF in Delaware, indicating that they may soon file an S-1 registration with the U.S. securities regulator.
Bitwise's Solana ETF was established on November 20, according to information from the Delaware Division of Corporations. The designated registered agent is CSC Delaware Trust Company, based in Wilmington, Delaware.
Bitwise still needs to file a 19b-4 application and an S-1 registration with the U.S. Securities and Exchange Commission to officially enter the race against VanEck and Canary Capital.
Previously, on October 1, Bitwise filed for a Spot XRP ETF in Delaware and shortly thereafter submitted an S-1 to the U.S. securities regulator the following day.
If approved, Bitwise's Solana ETF will track the price volatility of the world's fourth-largest altcoin.
The filing does not mention which stock exchange will list the Solana product, but Bitwise's Bitcoin and Ethereum ETFs are both listed on the New York Stock Exchange Arca.
There is also no proposed ticker symbol for Bitwise's Solana ETF yet.
Mr. Matthew Sigel, Head of Digital Asset Research at VanEck, predicts that the likelihood of a Solana Spot ETF being approved in the United States will be very high by the end of 2025. Mr. Sigel believes that the more crypto-friendly regulatory environment under the Trump administration, expected to take office on January 20, will be a key factor.
Many industry experts predict that the influx of money into approved Solana spot ETFs will be smaller than that of Bitcoin and Ether ETFs.
Solana has become one of the best-performing cryptocurrencies in this bull cycle, increasing 2360% to $248, according to data from CoinGecko. However, Solana is also one of the worst-performing coins in the bear cycle compared to other large-cap coins and has yet to establish a new all-time high in this cycle.
This comes as the U.S. Securities and Exchange Commission has delayed its decision on the approval of Franklin Templeton's Crypto Index ETF until early 2025.
Asset managers have also filed for spot Litecoin ETFs.
