Digital asset management company Bitwise has registered its proposed Spot Solana exchange-traded fund (ETF) statutory trust in Delaware. This indicates that the company may soon file for an S-1 registration statement with U.S. securities regulators.
The Bitwise Solana (SOL) ETF was launched on November 20th. According to Visit the Delaware Department of Corporations website. The registered agent was listed as CSC Delaware Trust Company, headquartered in Wilmington, Delaware.
Bitwise still needs to file a 19b-4 filing and S-1 registration statement with the U.S. Securities and Exchange Commission before it can officially compete with VanEck and Canary Capital.
On October 1, Bitwise filed for registration of a Spot XRP (XRP) ETF in Delaware and filed an S-1 form with U.S. securities regulators the next day.
If approved, the Bitwise Solana ETF will track the price movements of the world's fourth-largest cryptocurrency.
The filing does not specify which stock exchange will list Solana products, but the Bitwise Bitcoin ETF and Bitwise Ethereum ETF are both listed on the New York Stock Exchange Arca.
The proposed ticker was also not listed on the Bitwise Solana ETF.
Bitwise Solana ETF registration. Source: Delaware Department of Corporations
Matthew Siegel, head of digital asset research at VanEck, predicts that the probability of a U.S.-approved Spot Solana ETF will be “by far the highest” by the end of 2025.
Part of Siegel’s rationale is based on a more crypto-friendly regulatory environment under the Trump administration, which takes office on January 20th.
Many industry experts predict that approved spot inflows to the Solana ETF will be small compared to what was seen in the Bitcoin (BTC) and Ether (ETH) ETFs.
Related: US regulators consider approving Grayscale Crypto Index ETF
Solana has been one of the top performers in this bullish cycle, rising 2360% to $236.91, CoinGecko data indicates.
However, Solana has been one of the worst performers in the bear cycle when compared to other large-cap stocks, and has yet to hit a new all-time high this cycle.
This comes after the Securities and Exchange Commission delayed its decision to approve the Franklin Templeton Crypto Index ETF until early 2025.
The asset management company has also submitted an application for the Spotlight Coin (LTC) ETF.
magazine: It will take four years for cryptocurrencies to grow this big: 'No one can stop them': Cain Warwick, Infinex
