Key Takeaways:
- Bitwise Solana ETF Filing: Bitwise Asset Management has joined the Solana ETF race, becoming the fourth firm to file with the SEC.
- Regulatory Shift Impact: The crypto industry anticipates a friendlier SEC under Trump’s administration, potentially easing ETF approvals.
- Market Momentum: Solana’s resurgence in 2023 has made it a focal point for crypto trading, boosting interest in ETFs tied to SOL.
Bitwise Asset Management, a leading crypto-investments firm, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a Solana (SOL) exchange-traded fund (ETF), joining three other contenders in the race.
This marks Bitwise’s latest move to expand its ETF offerings, having already introduced ETFs for Bitcoin and Ethereum.
BREAKING: Bitwise files for Solana ETF pic.twitter.com/aU5zXOK7DJ
— Altcoin Daily (@AltcoinDailyio) November 21, 2024
The company, managing $5 billion in assets, aims to tap into the growing prominence of Solana, whose native token SOL has surged amid a market recovery.
The regulatory environment is undergoing a significant shift, with expectations of a more crypto-friendly stance under the anticipated administration of Donald Trump.
SEC Chair Gary Gensler is set to step down in January, creating optimism in the crypto industry for ETF approvals previously seen as unlikely.
Today, the Cboe BZX Exchange has filed to list a spot Solana ETP from Bitwise. The ETP would directly hold SOL, the native token of the Solana blockchain and the third-largest crypto asset in the world. pic.twitter.com/5jgKxZN4L5
— Bitwise (@BitwiseInvest) November 21, 2024
Bitwise’s application follows filings from VanEck, 21Shares, and Canary Capital.
Solana, a blockchain platform and competitor to Ethereum, has gained popularity for its speed and scalability, attracting a vibrant trading community, including memecoin enthusiasts.
While Bitwise’s ETF launch depends on SEC approval of its S-1 form, the firm is positioning itself to capitalize on Solana’s rising market significance.
The company filed relevant documentation in Delaware earlier this week, signaling its commitment to expanding its crypto ETF portfolio.
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