Bitwise, a cryptocurrency investment firm, has taken a significant step towards launching a Solana exchange-traded fund (ETF) in the United States. The company filed paperwork with the Securities and Exchange Commission (SEC), becoming the fourth investment firm to pursue a Solana ETF, following Canary Capital, VanEck, and 21Shares. The move comes as expectations for the crypto industry are shifting with the impending change in administration, which may lead to more favorable regulatory conditions. Bitwise, which already offers ETFs tracking BTC and ETH, has a history of filing applications for more contentious assets, such as XRP.
The company's interest in Solana is notable, given the cryptocurrency's recent surge in popularity as a hub for trading activity, particularly among memecoin traders. With its SOL token approaching all-time highs, Solana has become a key player in this year's bull run. Bitwise's plans for a SOL ETF were hinted at earlier in the week with a corporate filing in Delaware, and the company's Chief Investments Officer, Matt Hougan, confirmed the legitimacy of the filing. As Bitwise continues to expand its offerings, it remains focused on marketing to registered investment advisers in the US, with $5 billion in assets under management reported last month.