Bitwise Asset Administration has taken an vital step towards launching a Solana spot exchange-traded fund (ETF).
On November 20, the corporate registered a statutory belief in Delaware by the CSC Delaware Belief, signaling its intention to file for approval with the Securities and Trade Fee (SEC).
Hunter Horsley, CEO of Bitwise, confirmed the recording in a November 20 article on X, however withheld additional particulars.
After which?
Launching the ETF requires Bitwise to submit Types 19b-4 and S-1 to the SEC. If accredited, the ETF would monitor the market value of Solana, giving traders publicity to the fourth-largest cryptocurrency by market capitalization.
The ETF would face competitors from different corporations like VanEck and Canary Capital, that are additionally pursuing Solana spot ETFs. Though Bitwise didn’t disclose the ETF's ticker image or deliberate trade, it might be a part of its different funds listed on NYSE Arca.
Solana's rise within the ETF panorama displays its rising market enchantment. The digital asset has surged 354% over the previous yr, supported by rising institutional curiosity. Business analysts estimate that the primary Solana ETFs might debut by 2025, following the success of the Bitcoin and Ethereum spot ETFs.
Rising Crypto Pockets
The deliberate Solana ETF aligns with Bitwise's technique to develop its crypto choices.
The corporate has seen vital progress in 2024, with its belongings underneath administration (AUM) reaching $5 billion as of mid-October, a 400% enhance from the beginning of the yr.
Bitwise's spot Bitcoin ETF, BITB, has been a key driver of this progress, attracting over $2 billion in internet inflows since its launch. Choices buying and selling on this product additionally started on November 20, rising its enchantment.
The corporate additional diversified by buying Attestant, a London-based supplier of non-custodial Ethereum staking companies. This acquisition brings Bitwise's complete belongings underneath administration to greater than $10 billion, together with Attestant's $3.7 billion in belongings underneath administration.
