Tremendous Bullish Earthquake Coming To Solana As Bitwise Files For Spot SOL ETF Amid Renewed Optimism
Bitwise was one of the money managers who launched the spot Bitcoin and Ether exchange-traded fund (ETF) earlier this year, introducing funds that directly hold billions of dollars in cryptocurrencies.
Bitwise now hopes to launch another major crypto ETF, registering a statutory trust in Delaware for a proposed SOL exchange-traded fund. This registration indicates it may soon file for an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC).
Bitwise Enters Race For SOL ETF
Crypto asset manager Bitwise has filed for a spot exchange-traded fund that would give traditional investors exposure to ETHs rival Solana.
As per the State of Delawares Division of Corporations website, Bitwises SOL ETF was incorporated on Wednesday. Wilmington, Delaware-based CSC Delaware Trust Company was listed as the registered agent. Bitwise will still need to submit a 19b-4 form and S-1 registration statement to the SEC to join the SOL ETF race officially.
The Nov. 20 application did not indicate which stock exchange would list the SOL investment vehicle, albeit Bitwises BTC and ETH ETFs are both listed on the New York Stock Exchange Arca.
Bitwise filed to register a spot XRP ETF in Delaware on Oct. 1 before filing its S-1 form to the SEC the next day.
If the regulator approves, the firms SOL ETF would seek to track the price action of the industrys fourth-biggest crypto by market capitalization.
Solanas ETF Filings
Its worth mentioning that outside the U.S., Brazil was the first country to greenlight SOL ETFs in August.
Bitwises latest application follows similar efforts by other U.S. asset managers, including VanEck and Canary Capital, which have also sought SEC approval for their own Solana ETF applications in recent months.
Nonetheless, the possibility of approval for these pending ETF applications is unlikely under the current SEC leadership. At present, the SEC has publicly labeled SOL an unregistered security in lawsuits against Binance, Coinbase, and Kraken a move that has caused frustration among investors.
Much to the delight of the crypto community, the regulatory landscape is primed to significantly change beginning on January 20, 2025, when President-elect Donald Trump assumes office. Trump has previously vowed to remove crypto gadfly SEC Chair Gary Gensler on day one, potentially allowing for the approval of Solana exchange-traded funds in the U.S.
Text source: ZyCrypto
