30s Summary

Crypto investment firm Bitwise has submitted documents to the Securities and Exchange Commission (SEC), becoming the fourth company to express the intent to offer a Solana ETF. Solana’s ‘currency’, SOL, may soon be included in an ETF for easy trading by Wall Street investors. This comes as speculation grows that a potential return of Donald Trump to the White House could result in previously unlikely cryptocurrency regulations. Bitwise has previously launched ETFs that track Bitcoin and Ethereum, and has also applied for ETFs for other contentious assets like XRP and SOL.

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Crypto investment company Bitwise is making strides in offering a Solana exchange-traded fund (ETF) in the US. With paperwork now submitted to the Securities and Exchange Commission (SEC), Bitwise has become the fourth company wanting to offer a Solana ETF. It trails Canary Capital, which filed in October, and VanEck and 21Shares, who started the contest back in June.

Rumors suggest that a potential return of Donald Trump to the White House has shifted expectations for the crypto industry. As SEC Chair Gary Gensler is set to step down on Trump’s inauguration day, previously unlikely regulations for cryptocurrencies may now be on the cards.

One of the ideas floating around is that SOL – the ‘currency’ of the Solana network, just like ETH is for Ethereum – could soon be wrapped in an ETF for effortless trading by Wall Street investors. Bitwise already offers ETFs that track Bitcoin and Ethereum, the two digital currencies that are usually considered commodities in the US. Bitwise has also been known to gamble with ETF applications for more contentious assets like XRP and now SOL.

Solana has been in the spotlight this year as a hub for trading, particularly among memecoin traders. Bitwise revealed its plans for a Solana ETF earlier this week with a corporate filing in Delaware. Bitwise’s Chief Investment Officer Matt Hougan confirmed the filing but declined to comment further.

Bitwise reported $5 billion in assets under management last month and mainly markets to registered investment advisors in the US. The Cboe, Bitwise’s exchange partner for the proposed product, showed forms for all four applications on Thursday. Bitwise’s own form, another necessary piece of paperwork for launching an ETF, had not been published at the time this article was written.