Digital asset management firm Bitwise has registered a statutory trust for a proposed spot Solana exchange-traded fund (ETF) in Delaware as of November 20. This move suggests that Bitwise may soon file for an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). With this registration, Bitwise is entering a competitive race to secure approval for a spot Solana ETF, joining others like VanEck and Canary Capital. To move forward, Bitwise still needs to submit a 19b-4 filing and the S-1 registration to the SEC. If approved, this ETF would aim to track the price movement of Solana, the world’s fourth-largest cryptocurrency by market capitalization. The specific stock exchange for listing has not been disclosed, though previous Bitwise products are listed on the New York Stock Exchange Arca. Amidst growing expectations for crypto-friendly regulatory changes, analysts foresee increased inflows into approved Solana ETFs, reflecting on past trends seen with Bitcoin and Ether ETFs. However, despite a significant price increase in this cycle, Solana has yet to achieve a new all-time high.

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