Bitwise Asset Management is working on launching a spot Solana exchange-traded fund (ETF). To do this, the company registered a statutory trust in Delaware and plans to submit 19b-4 and S-1 forms to the Securities and Exchange Commission (SEC). If approved, the ETF would track Solana’s market price, providing investors with exposure to the fourth-largest cryptocurrency by market capitalization.
Bitwise is not alone in pursuing a Solana ETF, as other firms like VanEck and Canary Capital are also in the race. The increasing popularity of Solana in the ETF landscape is due to its 354% surge in value over the past year, thanks to growing institutional interest. Analysts believe that the first Solana ETFs could debut by 2025, following the success of spot Bitcoin and Ethereum ETFs.
Bitwise’s plans for a Solana ETF align with its strategy to expand its crypto offerings. In 2024, the firm’s assets under management (AUM) reached $5 billion by mid-October, a 400% increase from the beginning of the year. Bitwise’s spot Bitcoin ETF, BITB, has been a major contributor to the company’s growth, attracting over $2 billion in net inflows since launch.
The firm has also diversified by acquiring Attestant, a London-based provider of non-custodial Ethereum staking services, increasing Bitwise’s total managed assets to over $10 billion, including Attestant’s $3.7 billion AUM.
