Bitwise Enters Spot Solana ETF Race with SEC Filing, What’s Next?

Bitwise, a prominent asset manager, has reportedly filed for a Solana ETF Trust in Delaware, according to multiple social media posts. Based on available data, the firm officially submitted Form S-1 under the name “BITWISE SOLANA ETF” to the United States Securities and Exchange Commission (SEC) on November 20, 2024.

Bitwise Files for Spot Solana ETF

With this filing, Bitwise joins the race alongside other asset managers, such as VanEck and Canary, for the approval of a Spot Solana ETF (Exchange-Traded Fund). The filed BITWISE SOLANA ETF offers investors an opportunity to access Solana through a traditional brokerage account.

However, while there is widespread optimism among crypto enthusiasts regarding its potential to drive market growth, skepticism about its immediate impact persists. The filing’s authenticity and its market implications are yet to be officially confirmed.

At present, ETF experts such as Eric Balchunas and James Seyffart remain silent, as if they are unaware of this filing.

When Spot Solana ETF will Get Approval?

Besides the skepticism on social media, in a recent interview with the Financial Times, Matthew Sigel, the head of digital asset research at VanEck, noted that the chances of a spot Solana ETF being approved in 2025 are “overwhelmingly high.”

However, the firm had already submitted Form 19b-4 for the Solana ETF. Additionally, Sigel had earlier confirmed that VanEck’s Solana ETF filing is a bet on Trump’s victory. He noted that if Trump wins the presidential election, he is likely to appoint a new SEC chair to replace the current chair, Gary Gensler.

Solana (SOL) Price Momentum

At press time, Solana (SOL) is trading near $237.80 and has remained unchanged over the past 24 hours. During the same period, its trading volume dropped by 3.65%, indicating slightly lower participation from traders and investors compared to previous days.