Crypto-investments firm Bitwise took a big jump Thursday toward offering a Solana exchange traded fund (ETF) in the United States.
Paperwork filed with the Securities and Exchange Commission (SEC) makes Bitwise the fourth investments company vying to offer a Solana ETF, behind Canary Capital, which filed in October and VanEck and 21Shares which kicked off the race in June.
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One of those propositions is that SOL — the fuel for transacting on Solana in much the same way that ETH is on Ethereum — could soon be wrapped in an ETF for easy trading by Wall Street investors.
Bitwise already offers a variety of ETFs tracking BTC and ETH, the two cryptoassets generally treated as commodities in the US. It also has shown a gambler’s propensity for filing ETF applications over more controversial assets, such as XRP and now SOL.
Solana is one of the stars of this year’s bull run as a hub for trading activity, especially among memecoin traders. Its SOL token is also knocking on the door of all-time highs not seen since late 2021, at the peak of the last great bull run.
Bitwise telegraphed its SOL ETF plans earlier this week with a corporate fining in Delaware. Chief Investments Officer Matt Hougan confirmed the filing’s legitimacy but declined to comment further.
The crypto-investments company markets heavily to registered investment advisers in the US. It reported $5 billion in assets under management last month.
Cboe, Bitwise’s exchange partner for the proposed product, published 19b-4 forms for all four applications on Thursday. Bitwise’s S-1 form, another necessary piece of paperwork for the launch of an ETF, had not been published at press time
