Bitwise Seeks Approval for Solana ETF Registration
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- Bitwise has submitted an S-1 form for a spot Solana ETF.
- Solana is trading at $241, following a moderate spike of 3.18%.
The leading asset manager and ETF issuer, Bitwise Investment, has officially filed the S-1 form titled “BITWISE SOLANA ETF” with the U.S. Securities and Exchange Commission (SEC) in Delaware on November 20, 2024.
This filing positioned Bitwise with other asset managers, such as VanEck and Canary Capital, to directly expose investors to Solana, the fourth-largest cryptocurrency by market capitalization. Bitwise’s move likely reflects the growing institutional interest in Solana.
Matthew Sigel, VanEck’s Head of Digital Asset Research, mentioned the potential approval of a Solana ETF by the end of 2025, predicting “overwhelmingly high” odds of regulatory clearance.
Moreover, he believes the political landscape might be crucial in the SEC’s stance on crypto-related ETFs. Sigel pointed out that the Trump presidency, starting in January 2025, could appoint the new SEC chair. It will potentially ease the regulatory barriers for crypto ETFs.
On the other hand, ETF analysts like James Seyffart and Eric Balchunas haven’t commented on Bitwise’s filing. With its Solana ETF filing, Bitwise enters the race to expand crypto investment options in the U.S. market. If this ETF is approved, it could fuel further adoption of Solana’s blockchain technology.
Price Momentum of Solana
As the market is highly volatile, Bitcoin (BTC) will soon hit $100K, as analysts predict. This likely impacted the altcoins. Among them, Solana (SOL) currently trades at $241.81 with a moderate spike of 3.18% over the past 24 hours.
The asset has visited its lowest trading price at $230.34 over the day. SOL is 9.14% away from hitting an all-time high. A steady upside correction will push the price to new highs.
At press time, the asset’s technical indicators disclose a negative outlook, with the Moving Average Convergence Divergence (MACD) line found below the signal line, forecasting bearish sentiment in the market.
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