SOL
by BSCN
November 21, 2024
The filing, dated November 20, 2024, marks a significant step in the firm's efforts to track the price movements of Solana, the world’s fourth-largest cryptocurrency.
Bitwise, a leading digital asset manager, officially filed for the registration of a "Bitwise Solana ETF Trust" in Delaware, marking another step in the growing competition among firms seeking to introduce Solana-focused exchange-traded funds (ETFs). The filing, dated November 20, 2024, was submitted under Form S-1 to the United States Securities and Exchange Commission (SEC).
The filing, accessible via the State of Delaware’s Division of Corporations website, names CSC Delaware Trust Company as the registered agent, headquartered in Wilmington, Delaware. However, the application does not specify which stock exchange would host the Solana ETF or reveal the proposed ticker for the product.
Notably, Bitwise's Bitcoin and Ethereum ETFs are currently listed on the New York Stock Exchange (NYSE) Arca, suggesting a potential path for the Solana product if approved.
The Solana ETF proposal places Bitwise in direct competition with asset management firms like VanEck and Canary Capital, which have also submitted Solana ETF applications in recent months.
If approved, the Bitwise Solana ETF would offer institutional and retail investors exposure to Solana's price movements through a regulated product, potentially boosting its mainstream adoption. Despite this, market analysts predict smaller inflows into Solana ETFs compared to Bitcoin and Ether ETFs, given Solana’s relatively niche appeal in the broader crypto market.
Nonetheless, optimism remains strong among crypto enthusiasts. A successful Solana ETF could further validate Solana as a leading blockchain while diversifying the range of crypto investment options available to U.S. investors.
For Bitwise to fully join the ETF race, it must submit additional documents, including a 19b-4 filing and a comprehensive S-1 registration statement, to the SEC. Despite optimism from crypto advocates, the SEC's approval process for crypto ETFs remains uncertain under its current leadership.
To date, Bitcoin is the only cryptocurrency officially recognized as a commodity by U.S. regulators. The ambiguity surrounding the regulatory classification of tokens like Solana has caused frustration among investors.
However, some industry experts, including Matthew Sigel, head of digital asset research at VanEck, express confidence in the approval of Solana ETFs by 2025, contingent on changes in SEC leadership under Donald Trump's presidential administration.
At the time of writing, Solana (SOL) is trading at $240.51, with a market cap of $114 billion, per CoinMarketCap.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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