As a seasoned analyst with over two decades of experience in the financial markets and a keen interest in the evolving crypto landscape, I find the recent moves by Bitwise to offer a Solana ETF particularly intriguing. The increasing number of applications for such products suggests a shift in regulatory attitudes towards cryptocurrencies, which could be attributed to the potential return of Donald Trump to the White House.
On Thursday, Bitwise made a significant stride towards launching a Solana Exchange Traded Fund (ETF) within the U.S. market.
According to documents submitted to the Securities and Exchange Commission (SEC), Bitwise has joined three other investment firms seeking approval for a Solana Exchange-Traded Fund (ETF). Canary Capital, which filed its application in October, is currently ahead, followed by VanEck and 21Shares who started the race in June. In simpler terms, Bitwise is the fourth company to apply for a Solana ETF, with Canary Capital leading the way, followed by VanEck and 21Shares.
The impending second term of Donald Trump in the White House has made it more likely that proposals for crypto regulation, which were previously considered unlikely, might become a reality. The current chair of the Securities and Exchange Commission (SEC), Gary Gensler, is due to leave his position on January 20, the day Trump takes office.
One of those propositions is that SOL — the fuel for transacting on Solana in much the same way that ETH is on Ethereum — could soon be wrapped in an ETF for easy trading by Wall Street investors.
Bitwise already offers a variety of ETFs tracking BTC and ETH, the two cryptoassets generally treated as commodities in the US. It also has shown a gambler’s propensity for filing ETF applications over more controversial assets, such as XRP and now SOL.
Solana has been shining brightly during this year’s market surge, serving as a bustling trading center, particularly for memecoin traders. In addition, its SOL token is approaching record highs last seen towards the end of 2021, near the height of the previous bull run.
Last week, Bitwise Telegraphically hinted at its plans for the SOL ETF by facing a corporate fine in Delaware. The company’s Chief Investment Officer, Matt Hougan, verified the authenticity of the filing, but chose not to disclose any additional information.
The crypto-investments company markets heavily to registered investment advisers in the US. It reported $5 billion in assets under management last month.
On Thursday, Cboe, a partner to Bitwise in their proposed product, submitted 19b-4 forms for all four applications. As of the publication date, Bitwise’s S-1 form, a necessary document for the launch of an ETF, had not yet been published.
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2024-11-22 01:10