Bitwise Asset Management has filed for a Delaware trust as part of its plans to launch a Solana ETF (exchange-traded fund). This move signals the company’s strategy to expand its crypto offerings, capitalizing on the growing popularity of blockchain assets like Solana. The filing is a step toward submitting the ETF for approval to the SEC, though challenges remain.
The proposed Solana ETF aims to track the price of Solana (SOL) and is part of Bitwise’s broader expansion efforts. This year, the company has experienced remarkable growth, with assets under management (AUM) surging by 400%, now totaling billions of dollars. Recent acquisitions and the success of other ETFs, including its Bitcoin and Ethereum offerings, underline Bitwise’s aggressive approach. The firm joins competitors like VanEck, 21Shares, and Canary Capital in seeking to capitalize on Solana’s rising prominence.
However, the road to approval remains uncertain. The SEC has historically scrutinized crypto ETFs, citing concerns about asset classification, custodial risks, and potential market manipulation. Solana’s status as a commodity has been debated in the past, adding to the challenges. Earlier this year, similar proposals were removed from regulatory exchanges, casting doubt on approval timelines. Despite these hurdles, Bitwise and other firms remain optimistic, banking on a changing regulatory landscape.
Optimism has increased with the election of Donald Trump, whose administration has signaled a more crypto-friendly approach. Industry experts believe Trump’s policies could reduce regulatory barriers, fostering innovation and increasing the likelihood of ETF approvals. Trump’s pro-crypto stance has created hope for greater institutional adoption, as the administration prioritizes blockchain innovation and investor accessibility.
Analysts suggest that approval of a Solana ETF under Trump’s leadership could reshape the U.S. crypto market, allowing the country to compete with nations like Brazil, which already launched a Solana ETF. The move could strengthen the U.S.’s position as a global leader in blockchain technology and attract more investments and talent.
Bitwise’s Solana ETF, if approved, could pave the way for broader crypto ETF adoption, including potential funds focused on other tokens like XRP, ADA, or AVAX. The industry views these developments as a sign that crypto regulation is evolving toward a more supportive framework, driving further innovation and institutional involvement.
