Bitwise’s filing of a statutory trust for a spot Solana ETF in Delaware is indicative of the financial markets’ increasing interest in cryptocurrencies.
Source: Cryptopolitan
Key Notes
- For a potential spot Solana ETF, Bitwise has registered a statutory trust in Delaware.
- If authorized, the ETF will follow the price movement of Solana; no ticker or listing exchange has been chosen as of yet.
- SOL is currently trading at about $241.58, up more than 10% over the previous week.
Bitwise, a digital asset management company that is well-known in the US for its spot ETFs for Bitcoin and Ether, is now aiming to create a spot ETF for Solana. According to Cointelegraph’s first report, it has established a statutory trust in Delaware for this reason. The Securities and Exchange Commission (SEC) has yet to receive an S-1 registration statement from the company, nevertheless.
In light of this action, Bitwise may shortly submit the ETF to the U.S. Securities and Exchange Commission (SEC) for regulatory approval. If accepted, Bitwise will join other fund managers that have previously sought ETFs with a Solana emphasis, like VanEck and 21Shares.
Competition for Altcoin ETFs
Bitwise recently filed the S-1 form with the SEC a day after registering a similar trust for a spot XRP ETF. But there hasn’t been a ruling on that filing yet.
Bitwise’s Solana ETF registration. Source: State of Delaware Division of Corporations
Interest in a spot in Solana ETF has been shown by other companies before Bitwise. The US securities regulator has already received S-1 registration statements and 19b-4 filings from VanEck and Canary Capital. Furthermore, 21Shares was originally listed as a possible issuer for a spot Solana ETF on the Chicago Board Options Exchange (Cboe); however, 21Shares has not yet filed any regulatory documents.
S-1 forms, which provide product details, are submitted by the issuer. For a new product, the listing exchange provides 19b-4 forms that specify terms and changes to the listing regulations. The SEC must approve both applications before the ETF can be listed and traded.
Solana: Fourth Largest Cryptocurrency
Solana has a market valuation of $113.5 billion, making it the fourth largest cryptocurrency at the moment. It tripled in value in the last year, making it one of the top-performing cryptocurrencies in the most recent bull market.
Source: X Post
Bitwise registered their Solana ETF trust on the Division of Corporations website of the State of Delaware yesterday, Wednesday. The registered agent designated by the trust is CSC Delaware Trust Company. It makes no mention of the exchange where the ETF can be listed.
