2024-11-21 23:27 |
Bitwise files for a Solana ETF as SOL nears its all-time high of $259. Optimism grows with Trump’s election and SEC Chair Gary Gensler’s resignation. Competing firms like VanEck and 21Shares also seek Solana ETF approvals.
Crypto asset manager Bitwise has taken a significant step in expanding its exchange-traded fund (ETF) offerings by filing for a Solana (SOL) ETF in Delaware.
The filing, confirmed by Bitwise CEO Hunter Horsley, comes at a time of growing optimism in the crypto market, fueled by recent political developments and a resurgence in Solana’s price.
If approved, the ETF will provide institutional and retail investors with exposure to Solana, a blockchain platform renowned for its speed, scalability, and developer-friendly ecosystem.
As of now, Solana (SOL) is the fourth-largest cryptocurrency by market capitalization and has seen its price surge to over $255, approaching its all-time high of $259 recorded in 2021.
The growing trend in crypto ETFsETFs have become a popular investment vehicle for providing indirect exposure to cryptocurrencies, and Bitwise has already made its mark with Bitcoin and Ethereum ETFs trading on US stock exchanges.
Solana’s inclusion would expand Bitwise’s product portfolio, capitalizing on the increasing interest in blockchain technologies beyond Bitcoin and Ethereum.
The Solana blockchain has gained prominence for supporting decentralized applications (dApps), games, and meme coins, often compared to Ethereum due to its cheaper and faster transactions. This utility has attracted developers and investors alike, further driving the demand for financial products tied to Solana’s performance.
Solana ETF approval optimism driven by political developmentsThe timing of the filing is noteworthy, as it coincides with heightened market optimism linked to political shifts in the United States. Former President Donald Trump’s election has sparked hope for a more crypto-friendly regulatory environment, given his campaign’s pro-crypto stance.
This optimism has been further bolstered by the announcement of SEC Chair Gary Gensler’s planned resignation on January 20, 2025, coinciding with the start of Trump’s second term.
Market participants anticipate that a Trump-appointed SEC chair will adopt a more favorable approach toward crypto assets, potentially paving the way for the approval of spot ETFs tied to digital currencies like Solana.
Ripple’s Chief Legal Officer has made a post on X saying the next SEC chair should “End all non-fraud crypto litigation on Day 1,” among other thing.
A lot of unsolicited advice on here about who should (or shouldn’t) be the next SEC Chair. I trust the transition team to make the right call with these table stakes for crypto in mind:
1.End all non-fraud crypto litigation on Day 1.
2.Get commitments from Commissioners Uyeda and…
— Stuart Alderoty (@s_alderoty) November 21, 2024
Several other companies have filed for Solana ETFsBitwise isn’t the only player eyeing a Solana ETF. Other major asset managers, including Canary Capital, VanEck, and 21Shares, have also filed for similar products.
While Solana ETFs were previously viewed as a challenging proposition due to the SEC’s classification of Solana as an unregistered security, the changing regulatory landscape appears to have altered these expectations.
Although the filing in Delaware represents an early stage in the approval process, Bitwise will need to submit additional documentation to the SEC before the fund can become a reality.
The approval of Bitcoin spot ETFs earlier this year demonstrated the SEC’s willingness to engage with crypto-based investment products, and the market is now watching closely to see if Solana will follow suit.
With political winds shifting and Solana surging, the coming months could mark a pivotal moment for both the asset and the broader market.
The post Bitwise files for Solana ETF in Delaware appeared first on CoinJournal.
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