Digital asset manager Bitwise has taken a significant step by registering a statutory trust for its Solana ETF in Delaware. This move suggests the company may soon file an official application with the U.S. Securities and Exchange Commission (SEC).
The Bitwise Solana ETF was established on November 20, with CSC Delaware Trust Company, based in Wilmington, Delaware, appointed as the trustee. However, for the process to be finalized, Bitwise must complete critical steps, including filing a 19b-4 form and an S-1 registration statement with the SEC.
Bitwise is entering the race to develop a spot ETF alongside competitors such as VanEck and Canary Capital. Earlier in October, the company made a similar move with a spot ETF for XRP. If approved, the Solana ETF will track the price movements of the world’s fourth-largest altcoin.
While details such as the listing exchange and ticker symbol remain undisclosed, Bitwise’s Bitcoin and Ethereum ETFs are both listed on the New York Stock Exchange (NYSE) Arca, making it likely that the Solana ETF will follow suit.
Matthew Sigel, Head of Digital Asset Research at VanEck, has expressed optimism about the approval of a Solana ETF in the U.S. by the end of 2025. He believes the regulatory environment will become more favorable under the Trump administration, expected to take office on January 20, 2025.
Related: After Bitwise, Canary Capital Files Registration for XRP ETF
However, experts predict that inflows into the Solana ETF may be modest compared to Bitcoin and Ethereum ETFs. Although Solana has surged an impressive 2,360% to $248 during this bull cycle, it has yet to fully regain its momentum relative to other major cryptocurrencies.
