Bitwise, a prominent crypto asset manager, has filed for a spot Solana (SOL) exchange-traded fund (ETF) in Delaware, signaling a potential S-1 registration with the U.S. SEC. This move follows Bitwise's previous launches of Bitcoin and Ether ETFs. The SOL ETF aims to provide traditional investors exposure to Solana, a major cryptocurrency. Despite the SEC's current stance labeling SOL as an unregistered security, changes in the regulatory environment are anticipated with the upcoming U.S. presidential administration, which may influence the approval of such ETFs.

Bitwise was one of the money managers who launched the spot Bitcoin and Ether exchange-traded fund (ETF) earlier this year, introducing funds that directly hold billions of dollars in cryptocurrencies.Bitwise now hopes to launch another major crypto ETF, registering a statutory trust in Delaware for a proposed SOL exchange-traded fund. This registration indicates it may soon file for an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC).Bitwise Enters Race For SOL ETFCrypto asset manager Bitwise hasfiledfor a spot exchange-traded fund that would give traditional investors exposure to ETH’s rival Solana.As per the State of Delaware’s Division of Corporations website, Bitwise’s SOL ETF was incorporated on Wednesday. Wilmington, Delaware-based CSC Delaware Trust Company was listed as the registered agent. Bitwise will still need to submit a 19b-4 form and S-1 registration statement to the SEC to join the SOL ETF race officially.The Nov. 20 application did not indicate which stock exchange would list the SOL investment vehicle, albeit Bitwise’s BTC and ETH ETFs are both listed on the New York Stock Exchange Arca.Bitwisefiledto register a spot XRP ETF in Delaware on Oct. 1 before filing its S-1 form to the SEC the next day.If the regulator approves, the firm’s SOL ETF would seek to track the price action of the industry’s fourth-biggest crypto by market capitalization.Solana’s ETF FilingsIt’s worth mentioning that outside the U.S., Brazil was thefirst country to greenlight SOL ETFsin August.Bitwise’s latest application follows similar efforts by other U.S. asset managers, includingVanEckandCanary Capital, which have also sought SEC approval for their own Solana ETF applications in recent months.Nonetheless, the possibility of approval for these pending ETF applications is unlikely under the current SEC leadership. At present, the SEC has publicly labeled SOL an unregistered security in lawsuits againstBinance,Coinbase, andKraken— a move that has caused frustration among investors.Much to the delight of the crypto community, the regulatory landscape is primed to significantly change beginning on January 20, 2025, when President-elect Donald Trump assumes office. Trump has previously vowed toremovecrypto gadfly SEC Chair Gary Gensler on day one, potentially allowing for the approval of Solana exchange-traded funds in the U.S.

Bitwise Files for Spot Solana ETF Amid Regulatory Changes

Bitwise Files for Spot Solana ETF Amid Regulatory Changes