Bitwise Asset Management is advancing its efforts to launch a spot Solana exchange-traded fund (ETF). On November 20, the firm registered a statutory trust in Delaware to support its proposed ETF. According to the Delaware Division of Corporations, CSC Delaware Trust Company has been designated as the registered agent. This move suggests that Bitwise is preparing to file the necessary S-1 registration statement with the Securities and Exchange Commission (SEC).
Solana (SOL), currently trading at $230.96, is drawing significant market attention as its price nears its all-time high of $260. Even with an overall decrease of 11.19%, it still has a very healthy market cap of $110 billion, high enough to be ranked fourth on the list of cryptocurrencies. The market appreciation of Solana was also notable in the last 30 days, with a gain of 39.90%. In the previous 30 days, Solana’s value has surged by 39.90%, reflecting increasing investor interest. The past week alone has seen an 8.06% rise, adding to its impressive 318.12% growth since November 2023.
Also Read: Bitwise Intensifies Efforts with New XRP ETF Filing Amid Regulatory Landscape
Rising Competition in the Solana ETF Market
Bitwise’s action reflects the recent rush by financial firms seeking the green light from the SEC to list ETFs focused on altcoins. While Bitwise has yet to submit the required 19b-4 and S-1 filings, its trust registration demonstrates strong intent to compete in this burgeoning market. Other previous ETF applications for various assets, such as Litecoin and XRP, also point to the growing need for crypto-based investment products.
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The election of pro-crypto President Donald Trump has added optimism regarding regulatory shifts. Expected changes at the SEC could improve the chances of approval for digital asset ETFs. Meanwhile, Solana’s strong performance bolsters the case for such funds. On the other hand, Solana’s good showing supports such funds, but analysts note that Solana’s Relative Strength Index (RSI) of 68.88 suggests a potential short-term correction as the market consolidates recent gains.
As the regulatory landscape evolves, Solana’s position and ETF developments remain pivotal for institutional and retail investors.
Also Read: Bitwise CEO Predicts Significant Bitcoin Halving Impact
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.