Bitwise, a digital asset management company, has registered a statutory trust in the state of Delaware, USA, with the aim of launching a Solana spot exchange-traded fund (ETF), indicating that the company may soon submit an S-1 registration statement to the US Securities and Exchange Commission.
According to the website of the Delaware Division of Corporations, the "Bitwise Solana ETF" was registered on November 20, with CSC Delaware Trust Company, headquartered in Wilmington, Delaware, as the registered agent. Bitwise still needs to submit a 19b-4 filing and an S-1 registration statement to the US Securities and Exchange Commission (SEC) to officially join the competition with VanEck and Canary Capital.
The document does not specify which securities exchange the Solana fund product will be listed on, nor does it list the proposed ticker symbol. Bitwise's Bitcoin ETF (ticker BITB) and Ethereum ETF (ticker ETHW) are both listed on the Arca exchange under the New York Stock Exchange.
VanEck's Digital Asset Research Head, Matthew Sigel, predicts that the probability of the US approving a Solana spot ETF by the end of 2025 will be "overwhelmingly high," partly due to a more crypto-friendly regulatory environment under the incoming Trump administration (to be sworn in on January 20).
Bitwise's Solana ETF application is expected to track the performance of the native Solana token, SOL. According to CoinGecko data, SOL is one of the best-performing cryptocurrencies in the current bull market, with its price rising from around $9 at the beginning of 2023 to $248 this past Monday, a gain of 2390%. However, prior to this, SOL was also one of the worst-performing coins in the previous bear market, plummeting over 95% from its all-time high.
On October 1, Bitwise registered an XRP spot ETF in Delaware and submitted an S-1 form to the regulator the following day.
