Bitwise Asset Management Announces Upcoming Listing of a Spot Solana ETP on the Cboe BZX Exchange

Bitwise Asset Management has announced a significant development in the cryptocurrency investment landscape. On November 21, 2024

Cryptocurrency investment is set to see a major development as Bitwise Asset Management makes a significant move. On November 21, 2024, a new product listing application is being filed by the Cboe BZX Exchange. This application, known as Form 19b-4, will see the introduction of a spot Solana ETP on the exchange. Through this ETP, investors will be able to directly own SOL, the native token of the Solana blockchain.

This product listing will provide a new avenue for investors to gain exposure to Solana, which has seen rapid growth and adoption in recent years. The blockchain is capable of processing over 50 million transactions per day and has generated more than $540 million in revenue in 2024 alone. Among the top three cryptocurrencies by market capitalization, Solana boasts a valuation of over $110 billion.

Solana's strengths have attracted various real-world applications, including DeFi, tokenization, gaming, and NFTs. These applications have contributed to Solana's status as the third-largest blockchain for NFT sales.

Highlighting the importance of Solana in the crypto landscape, Bitwise CEO Hunter Horsley said, "Bitwise helps investors access the opportunities emerging in crypto with peace of mind, and any list of those opportunities wouldn’t be complete without Solana." He further noted Solana's advantages over other blockchains, being cheaper, faster, and easier to use, which has led to many top crypto projects building on Solana.

Bitwise has been actively engaged in launching innovative crypto investment products. The firm has introduced several successful ETPs, including spot Bitcoin and spot Ethereum products, which have collectively amassed $4.3 billion in assets. Bitwise also manages more than $11 billion in client assets, showcasing its strong presence in the industry.

The launch of the Solana ETP is pending approval of the Form 19b-4 filing and the effectiveness of Form S-1. If approved, this product will make Solana more accessible to traditional investors, potentially contributing to the continued growth and adoption of the Solana blockchain.

This filing marks another step in Bitwise's expansion, following the acquisition of European crypto asset manager ETC Group and institutional staking provider Attestant.