Bitwise, a digital asset management firm known for its spot Bitcoin and Ether exchange-traded funds (ETFs) in the US, is now targeting a spot Solana ETF. It has registered a statutory trust for this purpose in Delaware, as first reported by Cointelegraph. However, the company has not yet filed an S-1 registration statement with the Securities and Exchange Commission (SEC).
The Race for Altcoin ETFs
Recently, Bitwise registered a similar trust for a spot XRP ETF and filed the S-1 form with the regulator a day later. However, a decision on that filing is still pending.
Bitwise is not the first to express interest in a spot Solana ETF. VanEck and Canary Capital have already submitted 19b-4 filings and S-1 registration statements with the US securities regulator. Additionally, the Chicago Board Options Exchange (Cboe) had previously included 21Shares as a potential issuer for a spot Solana ETF, but 21Shares has not yet submitted any regulatory filings.
The S-1 forms, submitted by the issuer, detail the product, while the 19b-4 forms, submitted by the listing exchange, outline conditions and amend listing rules for a new product. Both submissions require SEC approval for the listing and trading of the ETF.
Fourth Largest Cryptocurrency
Solana is currently the fourth largest cryptocurrency, boasting a market capitalisation of $113.5 billion. It was one of the best-performing cryptocurrencies in the latest bull cycle, tripling its value over the past year.
Bitwise registered its spot Solana ETF trust yesterday (Wednesday) through the State of Delaware’s Division of Corporations website. The trust lists CSC Delaware Trust Company as the registered agent but does not specify the exchange on which the ETF may be listed.
Currently, Bitwise has two active exchange-listed crypto products: a spot Bitcoin ETF and a spot Ether ETF, both trading on the New York Stock Exchange Arca.
