Bitwise Enters Spot Solana ETF Race with SEC Filing, What’s Next?

Bitwise, a outstanding asset supervisor, has reportedly filed for a Solana ETF Belief in Delaware, in keeping with a number of social media posts. Based mostly on obtainable information, the corporate formally filed Type S-1 underneath the identify “BITWISE SOLANA ETF” with the U.S. Securities and Alternate Fee (SEC) on November 20, 2024.

Bitwise information for Spot Solana ETF

With this software, Bitwise joins the race along with different asset managers, corresponding to VanEck and Canary, for the approval of a Spot Solana ETF (Alternate-Traded Fund). The filed BITWISE SOLANA ETF presents buyers the chance to entry Solana via a conventional funding account.

Whereas there may be widespread optimism amongst crypto fanatics about its potential to drive market development, skepticism about its fast affect stays. The authenticity of the appliance and its market implications have but to be formally confirmed.

At the moment, ETF specialists like Eric Balchunas and James Seyffart are silent, as if unaware of this submitting.

When will Spot Solana ETF get approval?

Including to the skepticism on social media, Matthew Sigel, head of digital asset analysis at VanEck, famous in a latest interview with the Monetary Instances that the probabilities of a spot Solana ETF being permitted in 2025 are “overwhelmingly excessive.”

Nevertheless, the corporate had already filed Type 19b-4 for the Solana ETF. Moreover, Sigel had beforehand confirmed that VanEck’s Solana ETF submitting is a wager on Trump’s victory. He famous that if Trump wins the presidential election, he’ll probably appoint a brand new SEC chairman to switch the present chairman, Gary Gensler.

Solana (SOL) Value momentum

On the time of writing, Solana (SOL) is buying and selling round $237.80 and is unchanged over the previous 24 hours. Throughout the identical interval, buying and selling quantity fell by 3.65%, indicating barely decrease participation from merchants and buyers in comparison with earlier days.