Bitwise Asset Management is taking significant steps toward launching its proposed Bitwise Solana ETF by establishing a trust in Delaware. This action represents a key milestone in the ETF’s journey and could be a vital step toward securing approval from the SEC.
By filing for the trust, Bitwise aligns itself with a growing number of asset management firms eager to bring a Solana ETF to the marketplace. VanEck initiated the trend with its June filing, soon followed by 21Shares, which underscored the importance of their submission. VanEck has positioned Solana alongside Bitcoin and Ethereum as a valuable commodity.
The Purpose of the Solana ETF
The purpose of Bitwise’s Solana ETF is to track and reflect the price dynamics of Solana, which currently stands as the fourth-largest cryptocurrency in terms of market capitalization. However, details about potential exchange listings or ticker symbols remain undisclosed at this time.
This latest filing follows a recent submission by Bitwise of an S-1 registration form to the SEC for its XRP ETF, marking the firm as a trailblazer in seeking regulatory approval for a fund dedicated to Ripple’s cryptocurrency.
Impressive Growth and Market Position
In 2024, Bitwise has shown impressive growth, achieving $5 billion in assets under management as of October 15, representing an astounding 400% increase year-to-date. This surge in assets was further amplified by the recent acquisition of Ethereum staking platform Attestant.
Additionally, Bitwise’s BITB spot Bitcoin ETF has captivated significant interest, bringing in $2.3 billion in net inflows since its launch. This positions it just behind BlackRock’s IBIT and Fidelity’s FBTC in terms of market rankings. Notably, the BITB fund’s Bitcoin holdings have exceeded $4 billion.
Source: CryptoBriefing.com
