- Bitwise submitted an application for a spot Solana ETF to the US Securities and Exchange Commission (SEC) in Delaware
- There is optimism that the Solana ETF could get approved after Donald Trump takes office in January 2025 and appoints a new, more crypto-friendly SEC chair
- Solana’s price is trending upwards, currently trading at $23.6 and approaching its all-time high of $259 reached in 2021
Bitwise Investment, a prominent asset manager and exchange-traded fund (ETF) issuer, recently submitted an application for a Solana ETF to the U.S. Securities and Exchange Commission (SEC). This positions Bitwise to potentially launch a Solana index fund if approved by regulators under the incoming Trump administration.
Bitwise Joins Race For Solana ETF
On Wednesday, Bitwise submitted an S-1 form application for a spot Solana ETF to the SEC in Delaware. This follows similar efforts by other asset managers like VanEck and Canary Capital seeking approval for their own Solana ETF proposals. However, regulatory approval remains uncertain under current SEC leadership. So far, only Bitcoin has been recognized as a commodity by the SEC.
Speculation Grows Over New SEC Chair
There is speculation that President-elect Donald Trump could appoint a new, more crypto-friendly SEC chair. If this happens, the chances of these Solana ETFs being approved in 2025 would likely increase, potentially encouraging more ETF applications for other digital assets. Greater regulatory clarity under Trump could also boost investor confidence in crypto markets.
Solana Price Trending Upwards
At the time of writing, the SOL token is trading around $236, up 13% weekly and approaching its all-time high of $259 from 2021. The daily chart shows an upwards price trend for SOL.
Conclusion
Bitwise’s Solana ETF application comes amid growing optimism that the incoming Trump administration could take a more favorable stance toward cryptocurrency regulation. If appointed, a new SEC chair could pave the way for regulatory approval of proposed Solana ETFs and other crypto index funds. This would signal greater mainstream acceptance of digital assets in traditional finance.
