Bitwise is taking advantage of the US policy shift by filing for a Solana Exchange Traded Fund (ETF). Despite previous doubts about its approval, Bitwise has joined the race to establish a Solana ETF. The company filed for a statutory trust in Delaware on November 20 after recent US elections altered the regulatory outlook for altcoin ETFs.
For Bitwise, this is the initial step towards gaining approval for a fund that would track Solana’s performance. However, they still need to submit filings with the Securities and Exchange Commission before it can potentially be approved.
The filing did not disclose the exchange or proposed ticker for the fund, but Bitwise’s Bitcoin and Ethereum ETFs are currently listed on the New York Stock Exchange Arca.
Earlier this year, other fund managers such as VanEck, 21Shares, and Canary Capital were the first to file for a Solana ETF approval. However, they faced challenges due to regulatory roadblocks and the SEC’s views on altcoins as unregistered securities under the leadership of Gary Gensler.
