Bitwise Solana ETF is registered in the US state of Delaware
Digital asset management company Bitwise has filed a statutory trust for a proposed Solana exchange-traded fund (ETF) in Delaware — indicating it may soon file an S-1 registration statement with the U.S. securities regulator.
According to the Delaware State Division of Corporations website, the Bitwise Solana (SOL) ETF was incorporated on November 20. The registered agent is listed as CSC Delaware Trust Company, which is headquartered in Wilmington, Delaware.
Bitwise still needs to file a 19b-4 filing and an S-1 registration statement with the US Securities and Exchange Commission to officially place its name in competition with VanEck and Canary Capital.
On October 1, Bitwise filed for listing on the Delaware Spot XRP (XRP) ETF and filed an S-1 form with the US securities regulator the next day.
If approved, the Bitwise Solana ETF will seek to track the price movement of the world's fourth largest cryptocurrency.
The filing doesn't say which stock exchange lists Solana's product — however, the Bitwise Bitcoin ETF and the Bitwise Ethereum ETF are both listed on the New York Stock Exchange's Arca.
A proposed token for Bitwise's Solana ETF is also not listed.
Subscription to Bitwise's Solana ETF. Source: Delaware State Division of Corporations
Matthew Siegel, head of digital asset research at VanEck, expects US-approved space Solana ETFs to be “very high” by the end of 2025.
Siegel's reasoning was based in part on a more crypto-friendly regulatory environment under the Trump administration, which took office on January 20.
Many industry experts expect Solana's ETF entry into the niche to be smaller than that seen with Bitcoin (BTC) and Ether (ETH) ETFs.
Related: US regulators approve Greyscale crypto index ETF
Solana rose 2360% to $236.91, becoming one of the top performers of this bull cycle, according to CoinGecko data.
However, Solana was one of the best performing coins in the bear cycle, and still did not set a new all-time high this cycle.
This comes at a time when the Securities and Exchange Commission has delayed approval of Franklin Templeton's crypto index ETF until early 2025.
Asset Managers Spot Litecoin (LTC) ETFs Filed.
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