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Bitwise Asset Management has offered to form the Solana ETF (Exchange Traded Fund) for the Lauer Trust. The move marks a renewed push to expand crypto offerings amid growing demand for blockchain-based assets.

This file represents the first steps necessary to launch the financial instrument. The general idea is that it could lead to a submission to the US Securities and Exchange Commission (SEC) for approval.

Bitwise plan strategic expansion with Solana ETF

According to State Department filings, the proposed Bitwise Solana ETF aims to track the price of Solana (SOL). The move comes as part of Bitwise's broader expansion strategy and follows the company's impressive 400% growth in assets under management (AUM) this year. Bitwise currently boasts at least $5 billion in assets under management (AUM).

Recent acquisitions such as Ethereum staking service Atestant and the success of the BITB spot Bitcoin ETF highlight its growth trajectory. Note that Bitwise's BITB attracted $2.3 billion in revenue. Meanwhile, his Ethereum ETF (ETHW) now records $373 million in positive inflows.

While it has yet to reveal its proposed listing or exchange listing, Bitwise's Solana ETF puts the firm alongside competitors such as VanEck, 21Shares and Canary Capital. These players have sought to capitalize on Solana's growing popularity, with VanEick comparing Solana to commodities like Bitcoin and Ethereum in his filing.

“Language in the Ethereum ETF 19b4s describing ETH as a commodity works for Solanum,” said Matthew Siegel, head of research at VanEck.

While the filing represents progress, the road to regulatory approval for the Solana ETF has been fraught with challenges. The SEC has historically investigated crypto ETFs, citing concerns about market manipulation, security concerns and asset allocation concerns like Solana. Industry experts expressed doubt that the SEC would soon green-light Solana's ETF, as seen in past filings that questioned Solana's stock status.

Additionally, Solana's ETF forms were previously removed from the CBOE (Chicago Board Options Exchange) due to unresolved regulatory concerns. This chaos reduced the chance of approval earlier this year to zero, raising doubts among market participants.

Renewed hope in the Trump administration

However, the tide seems to be turning following the re-election of Donald Trump, which many in the industry believe could be a major boost for the crypto sector. The Trump administration has taken a pro-crypto stance, with experts suggesting the policies could create a more favorable regulatory environment for ETFs, as Bitwise has proposed.

According to analysts, Trump's commitment to fostering innovation and reducing bureaucratic hurdles will allow the SEC to approve more crypto ETFs, including products focused on Solana.

“The biggest Solana win coming from the new Trump presidency will be our long-awaited ETF in 2025 or 2026. Not surprisingly, the incredible VanEck team is leading the charge here with the support of 21Shares and Canary Capital,” said Dan Jalonsky. Development of Syndica news and research organization.

If the Solana ETF is approved, it could mark a major change in the US regulatory environment. More closely, it allows the country to connect with countries like Brazil, which launched the Solana ETF earlier this year. Such developments will help the US strengthen its position as a leader in the global crypto market.

The approval of the Solana ETF under the Trump administration will have major implications for the US crypto market. It can create greater institutional adoption, drive innovation and position the country as a leader in blockchain technology.

In addition, it sends a strong signal that the regulatory environment is becoming more favorable to crypto, leading to further investments, talent and a possible XRP ETF, which Bitwise and Canary Capital are already leading.

“In addition to Greyscale and Bitwise's crypto index fund update, there are currently SOL, XRP and HBAR ETF filings. Guess at least one issuer will take a flyer on the ADA or AVAX ETF as well,” said Nate Geracchi on X (Twitter).

According to BeenCrypto data, the price of the Solana Power token increased slightly by 1.48% on this news. As of this writing, SOL is trading at $238.91.