Digital asset management company Bitwise has registered a statutory trust for its proposed cash Solana exchange-traded fund (ETF) in Delaware. This means you can file an S-1 registration statement with U.S. securities regulators.
The Bitwise Solana (SOL) ETF was incorporated on November 20, according to the Delaware Department of Corporations website. Our registered agent is CSC Delaware Trust Company, based in Wilmington, Delaware.
Bitwise will need to file a 19b-4 filing and S-1 registration statement with the U.S. Securities and Exchange Commission to officially place its name in the race against VanEck and Canary Capital.
On October 1, Bitwise applied to register a spot XRP (XRP) ETF in Delaware and then filed Form S-1 with U.S. securities regulators the very next day.
If approved, the Bitwise Solana ETF will seek to track the price movements of the world’s fourth-largest cryptocurrency.
The filing did not specify which stock exchange would list Solana products. However, both the Bitwise Bitcoin ETF and the Bitwise Ethereum ETF are listed on the New York Stock Exchange Arca.
The proposed ticker is also not listed on Bitwise’s Solana ETF.
Bitwise Solana ETF registration. Source: Delaware State Business Division
Matthew Sigel, head of digital asset research at VanEck, expects the U.S.-licensed spot Solana ETF to be “overwhelmingly high” by the end of 2025.
Part of Sigel’s rationale was based on a more cryptocurrency-friendly regulatory environment under the Trump administration, which takes office on January 20.
Many industry experts expect inflows into the approved spot Solana ETF to be smaller compared to what is seen in the Bitcoin (BTC) and Ethereum (ETH) ETFs.
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Solana was one of the top performers this bull cycle, up 2360% to $236.91, according to CoinGecko data.
However, Solana has been one of the worst performers in the bear cycle compared to other large-cap coins, and has still failed to hit a new all-time high this cycle.
This comes as the Securities and Exchange Commission postponed its decision to approve the Franklin Templeton Cryptocurrency Index ETF until early 2025.
Asset managers have also filed documents for a spot Litecoin (LTC) ETF.
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