In a significant development for cryptocurrency investment options, Bitwise Asset Management has officially registered a statutory trust for a proposed Solana exchange-traded fund (ETF) in Delaware. This strategic move positions Bitwise to potentially compete with established asset managers like VanEck and Canary Capital in the race for SEC approval.
The registration of the Bitwise Solana ETF, noted in the Delaware Division of Corporations, took place on November 20. Notably, the registered agent for the ETF is the CSC Delaware Trust Company, based in Wilmington. This registration sets the stage for Bitwise to file the necessary S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) in the near future. To be officially recognized as a competitor, Bitwise must also submit a 19b-4 filing.
Bitwise’s ambitions don’t stop at Solana; on October 1, the firm also registered a spot XRP ETF, highlighting its aggressive approach in tapping into various cryptocurrency markets. If successfully launched, the Bitwise Solana ETF aims to track the price movements of Solana (SOL), which currently stands as the fourth-largest cryptocurrency by market capitalization.
There is considerable anticipation regarding the possible approval of Bitwise’s Solana ETF. According to Matthew Sigel, the Head of Digital Asset Research at VanEck, the likelihood of a U.S.-approved spot Solana ETF could be “overwhelmingly high” by the end of 2025, bolstered by a more favorable regulatory climate expected under the upcoming administration.
However, despite the optimistic outlook, analysts predict that inflows into a spot Solana ETF, if approved, could be modest compared to the substantial inflows seen with Bitcoin (BTC) and Ethereum (ETH) ETFs. Historical data shows that while Solana has excelled during bullish market cycles, it struggled during bearish phases, raising questions about its potential impact on investment flows.
The cryptocurrency landscape remains dynamic, with other asset managers also pursuing ETF registrations related to various cryptocurrencies, including Litecoin (LTC). As investor interest grows, this race for approval signifies a broader recognition of digital assets in mainstream finance.
