Bitwise joins the race for Solana ETFs behind Vaneck and Canary Capital

Bitwise has submitted an S-1 filing with the U.S. SEC in the state of Delaware under the name “Bitwise Solana ETF.” The investment firm is applying for spot Solana ETFs, which are now promising after President-elect Donald Trump endorsed the crypto industry and vowed to foster a crypto-friendly approach to regulations.

Bitwise is in the race with other prominent asset management firms, such as VanEck and Canary Capital, which also submitted their filings with the U.S. financial watchdog for Solana ETFs in recent months. VanEck submitted the first Solana ETF filing with the U.S. regulator on June 27th, while Canary Capital filed its application on October 30th. Bitwise has also registered a statutory trust for a proposed spot Solana ETF in the state in preparation for approval.

Bitwise lists CSC Delaware Trust Company the Solana ETF agent

INTEL: BITWISE $SOL ETF REGISTERED IN DELAWARE pic.twitter.com/4uv5Y6eQuE

— Solid Intel 📡 (@solidintel_x) November 20, 2024

According to the Division of Corporations website in the State of Delaware, Bitwise Solana ETF was registered on November 20th, and the registered agent was listed as CSC Delaware Trust Company with headquarters in Wilmington, Delaware.

Once the application is approved, Bitwise Solana ETF will allow investors to gain exposure to Solana’s native digital asset SOL and its price movements through traditional brokerage accounts. The asset manager has not yet confirmed the stock exchange or ticker symbol for the listing. However, its Bitcoin and Ethereum ETFs have both been listed on the New York Stock Exchange (NYSE) Arca.

Although the crypto community is optimistic about the growth of digital assets under Trump’s administration, the realization of Solana ETFs is still uncertain. Under the current U.S. SEC leadership, Bitcoin remains the only digital asset that has officially been classified as a commodity. 

Despite the uncertainty, Matthew Sigel, Head of Digital Asset Research at VanEck, said that the chances of the new administration accepting Solana ETFs by 2025 are “overwhelmingly high.” He also emphasized that the incoming administration will oversee regulatory transformation, with a new U.S. SEC chair replacing Gary Gensler. 

Bitwise files for spot XRP ETF

Bitwise’s interest in crypto ETFs has also extended to Ripple’s XRP. The asset management firm also filed to apply for a spot XRP ETF in Delaware and then submitted an S-1 filing to the U.S. regulator the following day. The firm applied for the XRP ETF on October 1st and incorporated the Bitwise XRP ETF on September 30th.

The application comes after Ripple’s CEO, Brad Garlinghouse, had hinted about such a financial product a few months before. Garlinghouse described an XRP ETF as “inevitable” following the U.S. SEC’s approval of Bitcoin and Ethereum ETFs. 

As Trump’s inauguration continues to inch closer each day, speculations about the next U.S. SEC chair have reigned supreme, and many names have emerged on the table. Perhaps the most recent and most promising candidate is crypto lawyer Teresa Goody Guillen, who many believe is pro-crypto.

Solana’s recent performance in the current bull run has been exponential despite ranking among the worst performers in the last bear cycle. The asset claims the 4th position on CoinMarketCap and is currently exchanging hands for $237.61. The price of Solana is up 9% in the last seven days and 1% in the last 24 hours.

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