Bitwise, a crypto-focused asset manager, has taken initial steps toward launching a spot Solana (SOL) ETF by registering a statutory trust in Delaware, making it the fourth firm to do so. CEO Hunter Horsley sees Solana as one of the breakout successes of this crypto cycle, reflecting significant client interest. Despite the absence of a regulated SOL futures market in the US, the regulatory landscape could shift positively with a potentially more crypto-friendly administration. The SEC is reportedly more engaged with spot SOL ETF applicants now, which contrasts sharply with prior rejections. Horsley connected Bitwise's decision to file for a SOL ETF to the upcoming US presidential election, indicating it was a good time to approach regulators. Currently, Bitwise offers a Solana exchange-traded product in Europe, which has $27 million in assets under management, significantly lower than its competitors. With a potential ETF, Bitwise aims to provide US investors regulated access to SOL's price action. Horsley noted that many BTC ETF buyers are now looking for the next big thing in crypto, which he believes could be Solana.

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