Bitwise announces plans for a spot Solana ETF trust in Delaware, competing with VanEck as SEC approval process begins.
Bitwise, a prominent American digital asset management firm, has announced its plans to create a statutory trust for a spot Solana (SOL) exchange-traded fund (ETF) in the US State of Delaware. A filing on Wednesday shows that CSC Delaware Trust Company will manage the Bitwise Solana ETF trust. This marks a significant development in Bitwise’s ETF plans.
This registration filing is not the last step but a process that is followed by others. Bitwise has not filed the 19b-4 application or S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). This filing is important because the SEC will examine the proposed ETF and decide if it can be approved. In case of approval, the ETF will seek to reflect the price changes of Solana (SOL), which costs $242.4 at the moment.
Bitwise Pursues Solana ETF While Facing Competition from VanEck
Bitwise has in the past demonstrated flexibility in the development of new crypto products, which makes it possible for the Solana ETF to be approved soon. However, the firm may experience stiff competition from other spot asset managers, such as VanEck and Canary Capital. They are also planning to launch their Solana ETFs. These competitive forces may affect Bitwise’s probability of success since the crypto-based ETF market is still emerging.
Before that, on October 3rd, Bitwise submitted a form for a spot XRP ETF with the Delaware Division of Corporations. Like the Solana ETF filing, this does not mean an immediate filing to the SEC. However, it shows the company’s ongoing desire to address products in relation to popular cryptocurrencies. This is in line with the positive sentiments that Ripple CEO Brad Garlinghouse has had to make about the future of XRP ETFs.
While Bitwise is undertaking these efforts, the digital asset industry keenly observes the outcome of these efforts. The SEC’s approval of Solana and XRP crypto ETFs will shape the future of crypto investing. Despite risks and competition, Bitwise remains committed to developing innovative crypto financial products. This shows the company’s readiness to lead in the evolving digital asset space. The result of these filings will be critical in defining the next course of how these crypto assets are managed.
