Asset supervisor Bitwise Invest is the most recent to submit its paperwork for submitting spot Solana ETF. With this submitting, Bitwise is now in a race with different market gamers like VanEck and Canary Capital to deliver the SOL ETFs to the market. The submitting comes at a time when the SOL worth is simply 10% away from hitting a recent all-time excessive.
Bitwise Files for Spot Solana ETF
According to the State of Delaware’s Division of Corporations website, Bitwise has at the moment registered a statutory belief for its proposed Solana exchange-traded fund (ETF). Notably, that is simply registration and the asset supervisor must do extra groundwork filings with the U.S. Securities and Exchange Commission (SEC).
To be part of VanEck and Canary Capital in Solana ETF race, Bitwise must submit the 19b-4 and S-1 kinds to the US SEC. However, the asset supervisor has been steadfast in its strategy to crypto ETFs, with Bitcoin ETF (BITB) and Ethereum ETF (ETHW) already buying and selling on Wall Street. Last month, the asset supervisor filed for the spot XRP ETF.
With Donald Trump set to take cost of the White House in January 2025, the euphoria for spot Solana ETF has elevated tremendously. Under the Trump administration, there’s renewed hope for a crypto regulatory framework and extra readability. The Trump-Vance transition workforce is holding discussions with crypto trade gamers to arrange a White House put up that may look into crypto insurance policies.
Demand Grows for XRP, HBAR, DOGE ETF
Citing this wave of developments within the crypto ETF house, ETF Store President Nate Geraci mentioned that there are ongoing spot ETF filings for a number of main cryptocurrencies, together with Solana (SOL), Ripple’s XRP, and Hedera (HBAR). Last week, Canary Capital submitted the primary submitting for a spot HBAR ETF.
He additionally speculated that ETF issuers might increase their choices additional to different property like Cardano (ADA) and Avalanche (AVAX). Commenting on this, Bloomberg’s senior ETF analyst Eric Balchunas acknowledged that he expects a DOGE ETF submitting to reach by December 31, 2024. This comes amid the mega Dogecoin worth rally up to now in November.
12/31 looks like a superb over/beneath date for Doge submitting
— Eric Balchunas (@EricBalchunas) November 21, 2024
The Solana price remained agency at its essential resistance stage of $240. Market analysts are predicting a brand new all-time excessive for SOL with a rally previous $300 by the year-end. Currently, it’s a tricky combat between the bulls and the bears, because the market awaits one other catalyst for additional rally amid anticipation for spot Solana ETF.
Bhushan Akolkar
Bhushan is a FinTech fanatic with a eager understanding of economic markets. His curiosity in economics and finance has led him to deal with rising Blockchain know-how and cryptocurrency markets. He is dedicated to steady studying and stays motivated by sharing the data he acquires. In his free time, Bhushan enjoys studying thriller fiction novels and infrequently explores his culinary expertise.
Disclaimer: The offered content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.
