Key Takeaways
Bitwise Asset Management has filed to establish a trust entity in Delaware for its proposed Bitwise Solana ETF. This filing is part of Bitwise’s expansion strategy, which includes recent acquisitions and a significant increase in assets under management. It is a preliminary step towards launching the ETF and indicates a potential submission to the SEC for regulatory approval.
By filing for the establishment of this trust, Bitwise joins a group of asset managers that are seeking to launch a Solana ETF. VanEck made the first move in June, followed shortly by 21Shares. While 21Shares considers this filing a necessary step, VanEck states that Solana, like Bitcoin and Ethereum, is a commodity.
The proposed Bitwise Solana ETF aims to track the price of Solana, which is currently the fourth-largest cryptocurrency asset in the world based on market capitalization. However, Bitwise has not yet mentioned an exchange listing or a proposed ticker for the ETF.
This filing follows Bitwise’s submission of an S-1 registration form with the SEC last month to launch an XRP ETF. Bitwise was the first to file for a fund that provides exposure to Ripple’s native cryptocurrency.
Bitwise has experienced significant growth in 2024, reporting $5 billion in assets under management as of October 15, representing a 400% increase year-to-date. The company’s assets under management doubled after the acquisition of Ethereum staking service Attestant earlier this month.
The BITB fund, Bitwise’s spot Bitcoin ETF, has attracted $2.3 billion in net inflows since its launch, ranking behind BlackRock’s IBIT and Fidelity’s FBTC. BITB’s Bitcoin holdings now exceed $4 billion.
