Bitwise Moves Toward Spot Solana ETF, Registers Trust in Delaware

• Bitwise is gearing up to launch a Solana exchange-traded fund.
• Bitwise joins a growing list of firms vying for SEC approval of Solana ETFs, including VanEck, Canary Capital, and 21Shares.
• The SEC’s stance on crypto ETFs remains a crucial factor in determining the success of these initiatives.

Bitwise Files For Solana ETF

The creation of the trust suggests Bitwise may soon file an S-1 registration statement and a 19b-4 form with the U.S. Securities and Exchange Commission (SEC).

If approved, the ETF would aim to track the performance of Solana, the fourth-largest cryptocurrency by market capitalization.

However, details such as the stock exchange where Bitwise’s Solana ETF might trade remain unclear. The firm’s existing Bitcoin and Ethereum ETFs are listed on the New York Stock Exchange.

After the news, Solana’s SOL price  increased by 2.5% to $242.08, with a trading volume of over $7 billion.

Other Bitwise ETFs

Bitwise has already made significant strides in the crypto ETF space, with a range of offerings tailored to both individual and institutional investors.

The firm’s BITC ETF was among the first Bitcoin-based funds approved in the U.S., providing a gateway for investors to gain exposure to Bitcoin.

Additionally, Bitwise offers AETH, which tracks Ethereum’s price, and BTOP, a dual-asset ETF that allocates equally to Bitcoin and Ethereum.

Recently, the asset manager sought to innovate its existing suite of ETFs by moving away from static long-only strategies.

The firm filed to adjust its three crypto futures ETFs to a dynamic model that alternates between crypto and U.S. Treasury exposure.

This adaptive model, called the “Trendwise” rotation strategy, aims to mitigate downside volatility while maintaining long-term growth potential.

By shifting assets from crypto to Treasuries during market downturns, Bitwise hopes to offer investors a more resilient investment vehicle.

Beyond its current offerings, Bitwise is also seeking approval for a Ripple (XRP) ETF.

Who Applied For Solana ETF

Bitwise is not the only financial institution seeking approval for a Solana ETF. In August, VanEck filed with the SEC for its Solana ETF, known as the VanEck Solana Trust.

This filing followed VanEck’s successful launch of a Bitcoin ETF in Australia. If approved, VanEck’s Solana ETF will trade on the CBOE BZX exchange.

Meanwhile, just days earlier, digital asset manager 3iQ submitted a similar request to list a Solana ETF on Canada’s Toronto Stock Exchange (TSE).

On Oct. 30, the newly formed Canary Capital also filed  for a SOL ETF.