Bitwise: Is a Spot Solana ETF on the Horizon?
Investment firm Bitwise has filed with the U.S. Securities and Exchange Commission (SEC) for a trust fund in Delaware, signaling a potential move to apply for a spot ETF for Solana.
Investment firm Bitwise has filed with the U.S. Securities and Exchange Commission (SEC) for a trust fund in Delaware, signaling a potential move to apply for a spot ETF for Solana.
If approved, the Bitwise Solana ETF would track the price of Solana, the fourth-largest cryptocurrency in the world. This marks Bitwise’s second recent attempt to launch a crypto ETF, following their October application for a spot XRP ETF in Delaware.
The platform for a potential Solana ETF listing has yet to be disclosed. However, Bitwise’s previous products, such as the Bitwise Bitcoin ETF and Bitwise Ethereum ETF, were listed on the New York Stock Exchange Arca.
The digital asset sector seems poised for another wave of ETF applications. According to Nate Geraci, president of The ETF Store, there’s a strong chance that applications for spot ETFs for cryptocurrencies like Cardano (ADA) and Avalanche (AVAX) could be filed soon.Active applications already exist for spot ETFs for Solana, XRP, and Hedera Hashgraph (HBAR).
It’s worth noting that investment giant Franklin Templeton filed for a trust fund registration in Delaware back in August 2024.
Katalin Tischhauser, Head of Research at crypto bank Sygnum, described index-based crypto ETFs as the logical next step for the digital asset market. These funds enable investors to gain exposure to the market without needing to pick individual cryptocurrencies, greatly simplifying the investment process.
Related: Jenny Johnson on Blockchain's Investment Potential
On November 20, the SEC announced it would delay its decision on the Franklin Crypto Index ETF, pushing the deadline to January 6, 2025. The agency cited the need for more time to thoroughly review the application.
This delay is particularly notable, as January coincides with Donald Trump’s inauguration and the anticipated departure of controversial SEC Chair Gary Gensler.
Despite delays, the rise in ETF applications reflects a growing institutional interest in cryptocurrencies and a desire to access the market through streamlined investment products.
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