According to TechFlow, on November 22, Bitwise CEO Hunter Horsley stated in an interview reported by Blockworks that Solana is "an incredible emerging asset and story," and is expected to be the "next big opportunity" that Bitcoin ETF investors are looking for. The company has registered a SOL ETF statutory trust in Delaware, becoming the fourth institution to apply for a spot SOL ETF, following VanEck, 21Shares, and Canary Capital.

Horsley mentioned that the U.S. presidential election is "absolutely" a significant consideration for the company's application for the SOL ETF at this time. After a year of in-depth consideration, now is a "constructive time" to communicate with regulators. FOX Business reported that the SEC has begun to actively engage with spot SOL ETF applicants, which is in stark contrast to its stance in August when it rejected Cboe's 19b-4 application.