Bitwise Registers Trust for Proposed Spot Solana ETF, Signaling Major Crypto Expansion

Key Notes

Bitwise has registered a statutory trust in Delaware for a proposed spot Solana ETF.The ETF, if approved, will track Solana's price performance, with no ticker or listing exchange specified yet.SOL is currently trading around $241.58, representing over 10% increase in the past week.

American digital asset management firm Bitwise aims to establish a statutory trust for its spot Solana (SOL) exchange-traded fund (ETF) in the US State of Delaware. As per a registration filing submitted on Wednesday, the Bitwise Solana ETF trust is incorporated under the management of CSC Delaware Trust Company.

However, this is not the official filing, and the asset manager has yet to present its 19b-4 filing alongside an S-1 registration statement in front of the US Securities and Exchange Commission (SEC). The securities regulator will decide if the investment product can be approved, and if greenlit, the fund will aim to track the price trajectory of Solana SOL $241.6 24h volatility: 1.4% Market cap: $114.81 B Vol. 24h: $9.97 B .

Bitwise has previously demonstrated swift action in pursuing new crypto products and this time shouldn’t be any different. On the other hand, the digital asset management firm might face competition from VanEck and Canary Capital on the spot SOL ETF front.

If multiple spot SOL ETFs make their debut in the market, the altcoin could push above the $300 mark before the current cycle ends. The digital asset is already nearing its all-time high of $260 after a monumental rise this year.

Solana’s Meteoric Growth

According to DefiLlama data, Solana accounts for 33.59% of all DEX trading activity, far outpacing Ethereum’s 17.54%. This growing market share has been bolstered by Solana’s scalability and reliability, features that have attracted both developers and investors.

Since November 2023, the SOL token’s market cap has risen 334.51%, reaching $114.65 billion at the time of writing. The altcoin is currently priced at $241.58, representing a 10.60% increase in the last seven days. In the past month alone, the cryptocurrency has surged by over 40%. These factors collectively position Solana as a top candidate for a spot ETF, making it an attractive option for institutional and retail investors alike.

VanEck’s digital asset research executive, Matthew Sigel, recently stated that the chances of a US-approved spot Solana ETF by the next one year are high. He attributed this optimism to a potentially crypto-positive regulatory environment under the Donald Trump administration, which is seen as more open to cryptocurrency adoption.

Sigel’s remarks reflect growing confidence in the SEC’s eventual approval of crypto-focused ETFs. However, the regulatory body has delayed decisions on other crypto-related products until next year.

It is important to note that in early November, Donald Trump was elected as the president of the United States. The billionaire declared support for Bitcoin and blockchain during multiple campaign events. The crypto community expects spot crypto ETF approvals under the Trump administration.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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