Spot Solana ETF: Bitwise Submits Filing Joining VanEck, Canary Capital

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As a seasoned researcher with over two decades of experience in the financial markets, I’ve witnessed numerous groundbreaking events that have reshaped the industry. The latest development – Bitwise Invest filing for a spot Solana ETF – is yet another milestone in the evolving landscape of cryptocurrencies.

Asset manager Bitwise Invest is the latest to submit its documents for filing spot Solana ETF. With this filing, Bitwise is now in a race with other market players like VanEck and Canary Capital to bring the SOL ETFs to the market. The filing comes at a time when the SOL price is just 10% away from hitting a fresh all-time high.

Bitwise Files for Spot Solana ETF

As per the Delaware Division of Corporations’ website, Bitwise has recently registered a statutory trust for its proposed Solana exchange-traded fund (ETF). It is important to note that this registration is only the initial step, and Bitwise still needs to complete additional filing requirements with the U.S. Securities and Exchange Commission (SEC).

To enter the competition for a Solana ETF with VanEck and Canary Capital, Bitwise must submit both Form 19b-4 and S-1 to the U.S. Securities and Exchange Commission. Despite this requirement, Bitwise has been persistent in its pursuit of crypto ETFs, having already listed Bitcoin ETF (BITB) and Ethereum ETF (ETHW) on Wall Street. Last month, they even filed an application for a spot XRP ETF.

As Donald Trump prepares to assume office in January 2025, enthusiasm for the Solana ETF has surged significantly. With the Trump administration, there’s renewed optimism for a clear and defined regulatory structure for cryptocurrencies. The transition team of Trump and Vance is currently engaging with key figures in the crypto industry to establish a White House position focused on crypto policies.

Demand Grows for XRP, HBAR, DOGE ETF

In light of the latest advancements in the sector of crypto ETFs, the President of ETF Store, Nate Geraci, pointed out that there are continuous applications for ETFs based on trading spots for significant cryptocurrencies like Solana (SOL), XRP from Ripple, and Hedera (HBAR). Just last week, Canary Capital filed the initial application for a spot ETF focused on HBAR.

Additionally, he proposed that ETF issuers might broaden their product range to include assets such as Cardano (ADA) and Avalanche (AVAX). In response to this, Eric Balchunas, a senior ETF analyst at Bloomberg, predicted that a Dogecoin (DOGE) ETF application will be submitted by December 31, 2024. This prediction is made in light of the significant surge in Dogecoin’s price throughout November.

12/31 feels like a good over/under date for Doge filing

— Eric Balchunas (@EricBalchunas) November 21, 2024

The price of Solana held steady at its significant barrier of around $240. Some financial experts are forecasting a fresh record high for SOL, potentially surpassing $300 by the end of the year. Right now, it’s a close contest between the bullish and bearish forces in the market, as investors eagerly watch for another trigger to fuel further growth, with hopes for the introduction of a Solana-focused ETF on the exchange.

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2024-11-21 08:44