Bitwise Asset Administration has taken a major step towards launching a spot Solana exchange-traded fund (ETF).
On Nov. 20, the corporate registered a statutory belief in Delaware by means of CSC Delaware Belief, signaling plans to file with the Securities and Change Fee (SEC) for approval.
Bitwise CEO Hunter Horsley confirmed the registration in a Nov. 20 submit on X however withheld additional particulars.
What subsequent?
Launching the ETF requires Bitwise to submit 19b-4 and S-1 types to the SEC. If accepted, the ETF would monitor Solana’s market value, providing buyers publicity to the fourth-largest crypto by market capitalization.
The ETF would face competitors from different companies like VanEck and Canary Capital, that are additionally pursuing spot Solana ETFs. Whereas Bitwise has not disclosed the ETF’s ticker or supposed alternate, it may be a part of its different funds listed on NYSE Arca.
Solana’s rise within the ETF panorama displays its rising market enchantment. The digital asset has surged 354% over the previous yr, bolstered by rising institutional curiosity. Trade analysts consider the primary Solana ETFs may debut by 2025, following the success of spot Bitcoin and Ethereum ETFs.
Rising crypto portfolio
The deliberate Solana ETF aligns with Bitwise’s technique to broaden its crypto choices.
The agency has seen important development in 2024, with its property beneath administration (AUM) reaching $5 billion by mid-October—a 400% improve from the start of the yr.
Bitwise’s spot Bitcoin ETF, BITB, has been a essential driver of this development, attracting over $2 billion in web inflows since launch. Choices buying and selling on the product additionally started on Nov. 20, including to its enchantment.
The agency has diversified additional by buying Attestant, a London-based supplier of non-custodial Ethereum staking providers. This acquisition will increase Bitwise’s complete managed property to over $10 billion, together with Attestant’s $3.7 billion AUM.
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