Bitwise Registers Statutory Trust in Delaware, Intensifying Push for SEC Approval of Spot Solana ETF (SOL)

Bitwise, a leading digital asset management firm, has intensified the push for SEC approval of a spot Solana exchange-traded fund (ETF) by registering

Crypto market news today features Bitwise’s latest move to register a statutory trust for a proposed Solana (SOL) spot exchange-traded fund (ETF) with the US SEC. The development comes amid rising interest in altcoin ETFs and anticipation for the approval of spot crypto ETFs.

According to a recent report, Bitwise has filed paperwork in Delaware to establish the trust for the SOL ETF. The firm is preparing to submit Form 19b-4 with the Securities and Exchange Commission (SEC) to begin the approval process for the ETF.

The registration of the trust is a significant step in the application procedure for the SOL spot ETF. Several firms, including VanEck and Canary Capital, are also reportedly pursuing the launch of a spot Solana ETF.

Delaware’s Division of Corporations records indicate that Bitwise’s trust was incorporated on November 20 and designated CSC Delaware Trust Company as its registered agent. The trust is established to hold the assets that will be included in the proposed ETF.

While Bitwise is yet to submit the necessary 19b-4 and S-1 filings, there have been increasing applications for altcoin ETFs. Previous filings were made for Litecoin (LTC) and XRP.

Moreover, optimism is growing among crypto enthusiasts following the election of Donald Trump as president, who is known for his support of cryptocurrencies. Trump has vowed to overhaul the US economy, which may include changes in SEC leadership and policies.

Solana’s Stellar PerformanceThis week also saw SOL dethrone Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization. The token appreciated 39.90% in the past 30 days and rose 8.06% over the last week.

Overall, Solana’s price has surged an impressive 318.12% since November 2023, with a 24-hour trading volume of $6.40 billion. As of press time, SOL is valued at $230.96, showing a decline of 11.19% from its all-time high of $260.

The Relative Strength Index (RSI) for SOL’s price action indicates a value of 68.88 at the time of writing. This reading suggests that the bulls are driving the price of the digital asset, and the gradient of the line indicates that lower prices may be possible in the short term (i.e., a correction is being witnessed).

The abovementioned information serves an educational and informative purpose only. It does not constitute financial advice or an endorsement of any company, service, product, or cryptocurrency.