Bitwise Asset Management Plans to Launch Solana ETF
Bitwise Asset Management has recently taken a significant step towards launching a spot Solana exchange-traded fund (ETF). The company registered a statutory trust in Delaware through CSC Delaware Trust on Nov. 20, indicating their intentions to file for approval with the Securities and Exchange Commission (SEC).
What’s Next for the Solana ETF?
- Bitwise must submit 19b-4 and S-1 forms to the SEC for approval.
- If approved, the ETF would track Solana’s market price, providing investors exposure to the fourth-largest crypto by market capitalization.
- Competition from firms like VanEck and Canary Capital pursuing spot Solana ETFs.
- Potential listing on NYSE Arca among other Bitwise funds.
Solana’s growing popularity in the ETF landscape mirrors its overall market appeal, with a 354% surge in the past year driven by increasing institutional interest. Analysts predict the debut of the first Solana ETFs by 2025, following the success of spot Bitcoin and Ethereum ETFs.
Bitwise’s Expanding Crypto Portfolio
The planned Solana ETF is part of Bitwise’s strategy to diversify its crypto offerings. The firm has seen substantial growth in 2024, with assets under management (AUM) reaching $5 billion by mid-October—a 400% increase from the start of the year.
- Spot Bitcoin ETF, BITB, attracting over $2 billion in net inflows since launch.
- Options trading on BITB started on Nov. 20.
- Acquisition of London-based Attestant, expanding total managed assets to over $10 billion.
With Attestant’s $3.7 billion AUM, Bitwise continues to strengthen its position in the crypto market.
Author Bio:
Liam ‘Akiba’ Wright
Editor-in-Chief at CryptoSlate
Liam Wright, also known as “Akiba,” is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He is a firm believer in the potential of decentralized technology to drive positive change on a global scale.
