Solana
The U.S. has yet to approve its first spot Solana ETF, while Brazil has already approved its second. Solana Twitter Video/Screenshot

KEY POINTS

  • Bitwise follows after the filings of VanEck and Canary Capital for a $SOL ETF
  • Crypto users are excited about the news amid speculation Gensler will leave the SEC soon
  • Bitwise is an issuer of a spot Bitcoin ETF and an Ethereum ETF

Digital asset management firm Bitwise has filed in Delaware to issue a Solana (SOL) exchange-traded fund (ETF), driving the altcoin's price higher amid optimism in the SOL community.

SOL prices surged above $240 early Thursday from lows of around $230 Wednesday, as per data from CoinGecko. The token is now trading at around $242 amid a 2% increase in the last 24 hours.

Solana price early Nov 21 2024
$SOL is trading above $240 after news of Bitwise's move toward a Solana ETF. CoinGecko

Bitwise Bets on Solana's Momentum

In a Wednesday filing with Delaware's Department of State: Division of Corporations, Bitwise filed to issue a Solana ETF, with the entity kind being tagged as a "statutory trust."

The state filing is the first step toward issuing an ETF, which indicates that Bitwise may soon file an S-1 form and 19b-4 filing with the U.S. Securities and Exchange Commission (SEC).

Bitwise Solana ETF
Bitwise is the third firm to file for a Solana ETF, with VanEck being the first mover, followed by Canary Capital. State of Delaware Website/Screenshot

Once the SEC filings are accomplished, Bitwise will then be able to join tenured asset manager VanEck and crypto asset management firm Canary Capital in the list of companies waiting to get regulatory approval for the ETFs.

Bitwise's move comes as activity within the Solana blockchain continues to grow. In the last 24 hours alone, trading volume passed $9.7 billion, indicating that there is continuing interest around the token and the network.

SEC Now Has 'No Reason' To Reject Applications?

Cryptocurrency users are ecstatic about news of another SOL ETF filing, with some saying the SEC now has "no reason" to reject such applications since the SEC's chief Gary Gensler "is leaving."

Gensler has yet to announce whether he will resign prematurely, as he still has more than a year left before the end of his term. His two predecessors both announced their resignations before the next president was inaugurated.

The SEC has tagged other cryptocurrencies beyond Bitcoin as securities, including SOL, but it appears the tides are shifting given the approval of Ethereum ETFs.

On the other hand, the U.S. won't be the first mover even if a new chair replaces Gensler since Brazil has already cemented its place in the crypto ETF realm when it approved the world's first Solana ETF in August.

Bitwise Makes a Mark

Meanwhile, Bitwise has become an established name in the crypto space after its ventures into the crypto ETF world.

It already has Bitcoin and ETH ETFs and recently filed to issue an XRP ETF, sending the XRP community into a frenzy and re-igniting hopes that the token, previously battered by the SEC's lawsuit against Ripple, will finally reawaken and climb back to the top ranks.

It remains to be seen whether Bitwise will file for other crypto ETFs as the crypto market rides the uptrend in financial markets since Donald Trump won the presidency.

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