Digital asset management firm Bitwise has taken a significant step toward launching a spot Solana exchange-traded fund (ETF) by registering a statutory trust in Delaware. This move hints that an S-1 registration filing with the United States Securities and Exchange Commission (SEC) may follow soon.
The trust, known as the Bitwise Solana ETF, was officially established on Nov. 20, as per records from Delaware’s Division of Corporations. The trust’s registered agent is CSC Delaware Trust Company, based in Wilmington.
To move forward, Bitwise must still submit a 19b-4 filing and an S-1 registration to the SEC. If approved, it would join the competition with firms like VanEck and Canary Capital, which have also been pursuing similar crypto-focused ETFs.
Earlier this year, on Oct. 1, Bitwise registered a spot XRP ETF in Delaware and submitted its S-1 form to the SEC the following day.
The proposed Bitwise Solana ETF aims to reflect the price performance of Solana, currently the fourth-largest cryptocurrency by market capitalization. However, the filing did not specify which stock exchange would host the fund. Other Bitwise ETFs, such as those tracking Bitcoin and Ethereum, are listed on NYSE Arca. No proposed ticker symbol was included for the Solana ETF.
VanEck’s head of digital asset research, Matthew Sigel, recently expressed optimism about the potential approval of spot Solana ETFs, predicting a high likelihood of approval by 2025. He attributed this to the prospect of a more crypto-friendly stance under the upcoming administration of Donald Trump, set to assume office in January.
Despite Solana’s strong performance during the current bull market—showing a remarkable 2,360% increase to $236.91, according to CoinGecko—it remains a volatile asset. It was among the hardest-hit cryptocurrencies during the recent bear market and has yet to reach a new all-time high this cycle.
Meanwhile, the SEC has postponed its decision on the Franklin Templeton Crypto Index ETF until early 2025. Additionally, asset managers are increasingly looking toward other cryptocurrencies, such as Litecoin, with new filings for spot ETFs.
While industry analysts believe demand for spot Solana ETFs may be modest compared to Bitcoin and Ether ETFs, the increasing activity in the ETF space reflects growing interest in mainstream crypto adoption.
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