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    Bitwise plans Solana ETF amid growing acceptance of cryptocurrencies

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    Digital asset manager Bitwise has begun preparations for a Solana-based exchange-traded fund (ETF), similar to its existing Bitcoin and Ethereum offerings. Currently listed on the Arca section of the New York Stock Exchange, Bitwise hasn’t specified where the Solana ETF would be listed. Speculations suggest a Solana-based ETF may get US approval by 2025 due to increasing acceptance of cryptocurrencies by US financial regulators. While Solana’s value has surged recently, critics argue a Solana ETF might not attract as much interest as Bitcoin and Ethereum. Other asset managers are also looking into creating Litecoin-based ETFs.

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    Bitwise, a company that manages various digital assets, has taken the first steps to create a new exchange-traded fund (ETF) based on Solana. Solana is a cryptocurrency, a type of digital money that’s been growing in popularity. Bitwise registered a legal trust in Delaware, which is usually a sign that they’re preparing to file some paperwork with U.S. financial authorities.

    The Solana ETF from Bitwise would aim to reflect how Solana’s price moves in the market. Which is quite similar to Bitwise’s existing Bitcoin and Ethereum ETFs, both of which are listed on the Arca section of the New York Stock Exchange. However, they haven’t said where this new Solana one would be listed yet.

    Back in October, Bitwise also started the process of creating an XRP-based ETF.

    Matthew Sigel, who heads up research into digital assets for investment management firm VanEck, thinks there’s a really good chance that a Solana-based ETF will be greenlighted in the U.S. soon – by 2025 at the latest. He argues that U.S. financial regulators are becoming more open to cryptocurrency.

    While critics believe a Solana ETF wouldn’t attract as much interest as those for Bitcoin and Ethereum, Solana’s value has skyrocketed by 2360% during this current boom in cryptocurrency prices.

    On the downside, Solana’s performance hasn’t been as strong as other cryptocurrencies during periods when prices have been falling. It’s also worth mentioning that the U.S. Securities and Exchange Commission has delayed making a final decision about another cryptocurrency-based ETF until 2025.

    There are also some asset managers who have submitted requests to create ETFs based on Litecoin, another type of cryptocurrency.

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