Bitwise Enters Spot Solana ETF Race with SEC Filing, What’s Next
According to multiple social media posts, well-known asset management company Bitwise has applied to establish the Solana ETF Trust in Delaware. According to available data, the company officially submitted an S-1 form named “BITWISE SOLANA ETF” to the U.S. Securities and Exchange Commission (SEC) on November 20, 2024.
Bitwise Apply for Spot Solana ETF
With this filing, Bitwise joins other asset managers such as VanEck and Canary in the race for spot Solana ETF (exchange-traded fund) approval. The filed BITWISE SOLANA ETF provides investors with the opportunity to access Solana through a traditional brokerage account.
However, while cryptocurrency enthusiasts are generally optimistic about its potential to drive market growth, doubts about its direct impact remain. The authenticity of the document and its market impact have not yet been officially confirmed.
For now, ETF experts like Eric Balchunas and James Seyffart are keeping silent, as if they are unaware of the document.
When will Solana ETF spot be approved?
In addition to skepticism on social media, in a recent interview with the Financial Times, Matthew SiegelThe head of digital asset research at VanEck noted that the likelihood of the spot Solana ETF being approved in 2025 is “extremely high.”
However, the company has filed Form 19b-4 for the Solana ETF. Additionally, Sigel had earlier confirmed that VanEck’s Solana ETF filing was a bet on a Trump victory. He noted that if Trump wins the presidential election, he may appoint a new SEC chairman to replace the current chairman Gary Gensler.
Solana (SOL) Price Momentum
At press time, Solana (SOL) was trading near $237.80 and had remained unchanged over the past 24 hours. Trading volume fell by 3.65% during the same period, indicating that trader and investor participation was slightly lower than in previous days.
