Battle for Solana Spot ETF: Bitwise Files in Delaware
Date: 2024-11-21 Author: Henry Casey Categories: BUSINESS
The move could signal an imminent filing of an S-1 registration with the U.S. Securities and Exchange Commission (SEC).
The Solana ETF was filed on November 20 in the Delaware Corporation Registry. The trustee is Wilmington-based CSC Delaware Trust Company. However, to officially enter the race with competitors like VanEck and Canary Capital, Bitwise needs to file additional forms, including a 19b-4 and an S-1 registration.
Bitwise has already been active in this area: on October 1, the company registered an XRP-based ETF in Delaware and filed documents with the SEC the following day.
If approved, the Solana ETF will track changes in the value of this cryptocurrency, which ranks fourth in the world by market capitalization. The documents, however, do not specify which exchange the new product will be listed on. Bitwise's Bitcoin and Ethereum ETFs are currently traded on the New York Stock Exchange Arca platform. There is also no information on the proposed ticker for the fund.
Experts believe that approval of a spot Solana ETF could become a reality by the end of 2025. For example, Matthew Siegel, head of digital asset research at VanEck, claims that the likelihood of a positive decision will be “extremely high”. This opinion is based on expectations of a more lenient cryptocurrency policy associated with the new composition of the US administration.
Despite this, analysts expect that investment volumes in the Solana spot ETF will be significantly smaller than those seen in the Bitcoin and Ethereum ETFs.
The Bitwise listing is thus another step towards expanding the cryptocurrency product offerings to investors, although its ultimate success will depend on regulatory decisions and market reactions.
