Bitwise Joins Solana ETF Race With VanEck, 21Shares, Canary Capital

The Solana ETF race is heating up with Bitwise becoming the fourth asset manager to submit its regulatory filings for the product.

Canary Capital filed for its Solana ETF in October while VanEck and 21Shares filed theirs in June. Cboe BZX Exchange has now submitted four 19b-4 filings, which are formal submissions that propose rule changes to the SEC by self-regulatory organizations such as stock exchanges.

If approved, the ETFs will trade on the Cboe’s BZX exchange in the US, offering investors exposure to SOL without directly holding it.

Bitwise's filing coincides with SEC Chair Gary Gensler confirming his resignation, which will occur in January 2025.

Gensler's term, which began in 2021, was set to run until 2026 but with Trump pledging to fire Gensler on "day one," the SEC chair's days began ticking as soon as the US voted Trump into the White House.

Under Gensler’s term, the SEC intensified enforcement in the crypto sector, resulting in record fines and high-profile cases, including the imprisonment of FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao.

The filings also come as SOL continues on its exponential price surge beyond $230, making its market cap larger than the likes of Sony, Starbucks, and Nike.

"A Solana ETF would mark a significant milestone for smaller blockchains, providing increased liquidity and visibility. While its immediate impact may be limited, it could pave the way for stronger growth in the long term.," BRN analyst Valentin Fournier explained.

Solana, which is has emerged as a hotspot for memecoin activity, with its low fees and fast transactions offering fertile ground for tokens like BONK.