Digital asset manager Bitwise registered a statutory trust in Delaware for a proposed spot Solana exchange-traded fund (ETF) — indicating that it may soon file for an S-1 registration statement with the United States Securities and Exchange Commission (SEC).
The Bitwise Solana (SOL) ETF was incorporated on Nov. 20, according to the State of Delaware’s Division of Corporations website. The registered agent was listed as CSC Delaware Trust Company, headquartered in Wilmington, Delaware.
Bitwise would still need to submit a 19b-4 filing and S-1 registration statement to the SEC to officially join the race with VanEck and Canary Capital.
On Oct. 1, Bitwise filed to register a spot XRP (XRP) ETF in Delaware and then submitted its S-1 form to the US securities regulator the next day.
If approved, the Bitwise Solana ETF would seek to track the price movement of the world’s fourth-largest cryptocurrency.
The filing didn’t state which stock exchange would list the Solana product, though the Bitwise Bitcoin ETF and Bitwise Ethereum ETF are listed on the New York Stock Exchange Arca.
A proposed ticker wasn’t listed for Bitwise’s Solana ETF.
Bitwise’s Solana ETF registration. Source: State of Delaware Division of Corporations
VanEck’s head of digital asset research, Matthew Sigel, has said the odds of a US-approved spot Solana ETF will be “overwhelmingly high” by the end of 2025.
Part of Sigel’s rationale was based on a more crypto-friendly regulatory environment under the incoming Donald Trump administration, which takes office on Jan. 20.
Many industry pundits say inflows into approved spot Solana ETFs may be small relative to what’s been seen with the Bitcoin (BTC) and Ether (ETH) ETFs.
Related: US regulators mull approving Grayscale crypto index ETF
Solana has been one of the top performers this bull cycle, increasing 2,360% to $236.91, CoinGecko data shows.
Still, Solana was one of the worst performers in the recent bear cycle when compared with other large-cap coins, and it still hasn’t set a new all-time high this cycle.
It comes as the SEC has delayed its decision to approve a Franklin Templeton Crypto Index ETF until early 2025.
Asset managers have also submitted filings for spot Litecoin (LTC) ETFs.
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