Bitwise registers Solana Trust signalling future SEC application for SOL spot ETF

Bitwise's Solana ETF plans build on a 400% surge in assets under management in 2024.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Bitwise Asset Management has taken a significant step toward launching a spot Solana exchange-traded fund (ETF).

On Nov. 20, the company registered a statutory trust in Delaware through CSC Delaware Trust, signaling plans to file with the Securities and Exchange Commission (SEC) for approval.

Bitwise CEO Hunter Horsley confirmed the registration in a Nov. 20 post on X but withheld further details.

What next?

Launching the ETF requires Bitwise to submit 19b-4 and S-1 forms to the SEC. If approved, the ETF would track Solana’s market price, offering investors exposure to the fourth-largest crypto by market capitalization.

The ETF would face competition from other firms like VanEck and Canary Capital, which are also pursuing spot Solana ETFs. While Bitwise has not disclosed the ETF’s ticker or intended exchange, it could join its other funds listed on NYSE Arca.

Solana’s rise in the ETF landscape reflects its growing market appeal. The digital asset has surged 354% over the past year, bolstered by increasing institutional interest. Industry analysts believe the first Solana ETFs could debut by 2025, following the success of spot Bitcoin and Ethereum ETFs.

Growing crypto portfolio

The planned Solana ETF aligns with Bitwise’s strategy to broaden its crypto offerings.

The firm has seen significant growth in 2024, with its assets under management (AUM) reaching $5 billion by mid-October—a 400% increase from the beginning of the year.

Bitwise’s spot Bitcoin ETF, BITB, has been a critical driver of this growth, attracting over $2 billion in net inflows since launch. Options trading on the product also began on Nov. 20, adding to its appeal.

The firm has diversified further by acquiring Attestant, a London-based provider of non-custodial Ethereum staking services. This acquisition increases Bitwise’s total managed assets to over $10 billion, including Attestant’s $3.7 billion AUM.

Mentioned in this article