Bitwise Asset Management is moving forward with plans to launch a spot Solana exchange-traded fund (ETF). On November 20, the company registered a statutory trust in Delaware via CSC Delaware Trust. This is the first step toward filing with the U.S. Securities and Exchange Commission (SEC) for approval.
Bitwise CEO Hunter Horsley confirmed the registration in a November 20 post on X. However, he withheld further details about the ETF.
What Happens Next for the Solana ETF?
Bitwise must now submit 19b-4 and S-1 forms to the SEC. If approved, the ETF will track Solana’s market price. This will give investors exposure to Solana, the fourth-largest cryptocurrency by market capitalization.
The ETF will face competition from other firms like VanEck and Canary Capital, which are also pursuing spot Solana ETFs. Although Bitwise has not shared the ETF’s ticker or intended exchange, it could be listed alongside its other funds on NYSE Arca.
Solana’s Growing Market Appeal
The potential launch of a Solana ETF highlights the cryptocurrency’s rising popularity. Solana has surged 354% over the past year, fueled by growing institutional interest. Analysts believe Solana ETFs could debut by 2025, following the success of Bitcoin and Ethereum ETFs.
Bitwise Expands Crypto Portfolio
The Solana ETF is part of Bitwise’s broader strategy to expand its crypto offerings. In 2024, the firm saw significant growth. Its assets under management (AUM) reached $5 billion by mid-October, a 400% increase from the start of the year.
The growth was largely driven by Bitwise’s spot Bitcoin ETF, BITB, which attracted more than $2 billion in net inflows since its launch. Additionally, options trading on BITB began on November 20.
In addition, Bitwise acquired Attestant, a London-based provider of non-custodial Ethereum staking services. The acquisition added $3.7 billion to the firm’s total AUM, bringing its overall AUM to over $10 billion.
A Strategic Move in the Crypto Space
Bitwise’s move into spot Solana ETFs is a significant step in its commitment to digital asset innovation. With increasing investor interest and a diversified portfolio, the firm is well-positioned to capitalize on the growing demand for crypto investment products.
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