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Bitwise registers trust to launch Solana-focused ETF
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Bitwise Asset Management has taken another step towards launching a Solana exchange-traded fund (ETF). On November 20, the company registered a trust in Delaware through CSC Delaware Trust. The move indicates the intention to file a request for approval with the United States Securities and Exchange Commission (SEC).
Bitwise CEO Hunter Horsley confirmed the registration in a post on Platform X. However, he did not provide further details about the process.
In order to launch the ETF, Bitwise will need to submit Forms 19b-4 and S-1 to the SEC. If approved, the fund will track Solana’s market price, allowing investors to gain exposure to the fourth-largest cryptocurrency by market cap.
Bitwise will face competition from other companies that are also moving forward with Solana-focused ETFs, such as VanEck and Canary Capital. Although the ticker or exchange where the ETF will be listed has not yet been revealed, it is possible that the fund will join other company products available on NYSE Arca.
Next Steps for Solana ETF
Interest in Solana ETFs reflects the cryptocurrency’s growing attractiveness in the market. Over the past 12 months, Solana has gained 354%, driven by increased institutional interest. Industry experts project that the first Solana ETFs could be launched by 2025, following in the successful footsteps of Bitcoin and Ethereum ETFs.
Solana’s ETF planning is aligned with Bitwise’s strategy of diversifying its offerings in the cryptoactive market.
In 2024, the company recorded significant growth, with its assets under management (AUM) reaching US$5 billion by mid-October, an increase of 400% since the beginning of the year.
Bitwise’s Bitcoin ETF, BITB, has been a major driver of this growth, attracting more than $2 billion in new investment since launch. Additionally, options trading on BITB began on November 20, further broadening the product’s appeal.
Bitwise also expanded its operations with the acquisition of Attestant, a London-based company specializing in non-custodial Ethereum staking services. With the acquisition, assets managed by Bitwise exceeded $10 billion, including the $3.7 billion managed by Attestant.
Bitwise registers trust to launch Solana-focused ETF
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Bitwise registers trust to launch Solana-focused ETF
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Bitwise registers trust to launch Solana-focused ETF
