Bitwise Asset Management has officially entered the competition to launch a spot Solana ETF, filing an S-1 form with the U.S. Securities and Exchange Commission (SEC) in Delaware under the name “Bitwise Solana ETF.”
The move comes amid growing interest in cryptocurrency-backed financial products as President-elect Donald Trump signals a pro-crypto regulatory approach.
Bitwise follows VanEck and Canary Capital in filing
INTEL: BITWISE $SOL ETF REGISTERED IN DELAWARE pic.twitter.com/4uv5Y6eQuE
— Solid Intel (@solidintel_x) November 20, 2024
Bitwise’s application competes with other major asset managers, such as VanEck and Canary Capital. VanEck was the first to file for a Solana ETF with the SEC on June 27, followed by Canary Capital, which submitted its application on October 30. Bitwise has also established a statutory trust for its proposed ETF in Delaware to prepare for potential approval.
Delaware’s Division of Corporations noted that the Bitwise Solana ETF was formally registered on November 20. The firm named CSC Delaware Trust Company, headquartered in Wilmington, as its registered agent. Once approved, the ETF would allow investors to track Solana’s price movements through traditional brokerage accounts. However, Bitwise has not announced a stock exchange or ticker symbol for the listing.
Solana ETFs and regulatory uncertainty
Despite optimism from the crypto community, the fate of Solana ETFs remains to be determined. Current SEC leadership has only classified Bitcoin as a commodity, leaving other digital assets in regulatory limbo. However, the arrival of a new administration has sparked speculation that this stance could change.
Matthew Sigel, Head of Digital Asset Research at VanEck, expressed confidence in Solana ETF approvals under Trump’s administration. He predicted significant regulatory changes, including appointing a new SEC chair and possibly replacing the current chair, Gary Gensler. Sigel described the probability of Solana ETFs gaining approval by 2025 as “overwhelmingly high.”
Solana has experienced strong performance recently, currently ranked 4th on CoinMarketCap. Its price surged to $237.61, reflecting a 9% increase over the past week and a 1% rise in the last 24 hours.
Bitwise also pursues spot XRP ETF
In addition to Solana, Bitwise has set its sights on Ripple’s XRP. The firm filed for a spot XRP ETF in Delaware on September 30 and submitted its S-1 application to the SEC the following day. This comes after Ripple CEO Brad Garlinghouse called an XRP ETF “inevitable,” especially following the SEC’s approval of Bitcoin and Ethereum ETFs.
With Trump’s inauguration approaching, speculation surrounds the future SEC chair. Crypto lawyer Teresa Goody Guillen has emerged as a leading candidate and is widely regarded as crypto-friendly. This potential shift in leadership could signal a new era for digital asset regulation in the U.S.
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