Crypto-investments firm Bitwise took a significant step toward offering a Solana exchange-traded fund (ETF) in the United States. The company’s recent filing with the Securities and Exchange Commission (SEC) positions it as the fourth investment entity to pursue a Solana ETF, following Canary Capital, which filed in October, and the earlier entries by VanEck and 21Shares in June.
The renewed interest in Solana ETFs is linked to rising expectations within the crypto industry as Donald Trump approaches a return to the White House. His administration could create a more favorable regulatory environment for cryptocurrency. Current SEC Chair Gary Gensler is expected to resign when Trump assumes office on January 20, 2025, raising hopes that the new administration might support innovative proposals like a Solana ETF.
Sol, the native token of Solana, serves a similar function in its ecosystem as Ether does on Ethereum, facilitating transactions. The potential introduction of a Solana ETF would provide Wall Street investors with an easier way to trade this asset.
Bitwise’s expanding portfolio includes ETFs that currently track Bitcoin and Ethereum, both of which are regarded as commodities in the U.S. The firm has also shown interest in more contentious assets, as seen in its recent move to file for an XRP ETF.
Amidst a notable bull run for cryptocurrencies this year, Solana has emerged as a vibrant trading hub, particularly with its popularity among memecoin investors. The SOL token is edging closer to reaching all-time highs last seen in late 2021.
Bitwise hinted at its intentions to introduce a SOL ETF with a corporate filing this week, although specific regulatory documents required for the ETF launch had not yet been submitted at the time of reporting. Cboe, the exchange partner for Bitwise’s proposed product, has confirmed receipt of documents for all four ETF applications.
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