隨著加密貨幣基金市場升溫，Bitwise 競相上線 Solana 現貨 ETP

Cboe BZX 交易所剛申請上市 Bitwise 資產管理公司的現貨 Solana ETP。 Bitwise 現在加入 VanEck 和 Canary Capital 的行列，共同爭奪 SEC 的批准。

The Cboe BZX Exchange filed to list a spot Solana exchange-traded product (ETP) from Bitwise Asset Management on Friday. The filing marks a significant development in the crypto industry, as Bitwise joins VanEck and Canary Capital in the race for U.S. SEC approval for a Solana (SOL) exchange-traded fund (ETF).

Cboe BZX 交易所於週五提交了 Bitwise 資產管理公司的現貨 Solana 交易所交易產品 (ETP) 上市申請。該文件標誌著加密行業的重大發展，Bitwise 與 VanEck 和 Canary Capital 一起爭奪美國 SEC 批准 Solana (SOL) 交易所交易基金 (ETF)。

The proposed ETP will directly hold SOL, the native token of the Solana blockchain and the third-largest crypto asset in the world. The ETP will initially operate as a cash-settled product, but Bitwise aims to eventually transition the product to a physically backed structure, allowing investors to directly own SOL tokens, making it a truly unique investment vehicle.

擬議的 ETP 將直接持有 SOL，它是 Solana 區塊鏈的原生代幣，也是世界第三大加密資產。 ETP 最初將作為現金結算產品運作，但 Bitwise 的目標是最終將該產品轉變為實物支持結構，允許投資者直接擁有 SOL 代幣，使其成為真正獨特的投資工具。

The move comes as the crypto market rebounds from recent lows, driven by Bitcoin’s rallies, and signals a transformative phase for the crypto industry. As major investment firms like Grayscale and Bitwise introduce crypto index funds and spot ETFs for large cap assets, and SOL-linked ETFs are already trading in Europe on platforms like Euronext and Skeptra, highlighting the growing appetite for altcoin-focused funds.

此舉正值加密市場在比特幣上漲的推動下從近期低點反彈之際，標誌著加密產業進入了變革階段。隨著Grayscale 和Bitwise 等主要投資公司推出針對大盤資產的加密指數基金和現貨ETF，與SOL 相關的ETF 已經在歐洲泛歐交易所和Skeptra 等平台上進行交易，凸顯了人們對以山寨幣為主的基金的興趣日益增長。

However, skepticism remains in the U.S. market due to regulatory hurdles and the absence of a futures market for Solana. Approvals for spot Bitcoin and Ethereum ETFs were largely aided by the existence of futures markets, which addressed concerns about fraud and market manipulation.

然而，由於監管障礙以及 Solana 缺乏期貨市場，美國市場仍有懷疑。現貨比特幣和以太坊 ETF 的批准在很大程度上得益於期貨市場的存在，這解決了對詐欺和市場操縱的擔憂。

The U.S. Securities and Exchange Commission (SEC) has expressed apprehension about altcoin ETFs, citing the potential for abuse in markets without established futures mechanisms. Experts believe that introducing a Solana futures ETF could serve as a precursor to securing spot ETF approval.

美國證券交易委員會 (SEC) 對山寨幣 ETF 表示擔憂，理由是沒有建立期貨機制的市場可能存在濫用行為。專家認為，推出 Solana 期貨 ETF 可以作為獲得現貨 ETF 批准的先兆。

Another major hurdle is Solana’s classification as a security under certain conditions. Unlike commodities like Bitcoin or Ethereum, securities require adherence to stricter disclosure and reporting standards. This classification complicates the approval process, as ETFs linked to securities must meet heightened regulatory requirements.

另一個主要障礙是 Solana 在某些條件下被歸類為證券。與比特幣或以太幣等商品不同，證券需要遵守更嚴格的揭露和報告標準。這種分類使審批過程變得複雜，因為與證券掛鉤的 ETF 必須滿足更嚴格的監管要求。

However, the landscape could shift with changes in U.S. political and regulatory leadership. A crypto-friendly administration, coupled with a new SEC chair open to innovation, might redefine the framework governing altcoin ETFs. Analysts suggest that rising institutional interest in Solana and evolving policies could create a favorable environment for its ETF approval.

然而，隨著美國政治和監管領導層的變化，情況可能會發生變化。對加密貨幣友善的政府，再加上對創新持開放態度的新 SEC 主席，可能會重新定義管理山寨幣 ETF 的框架。分析師表示，機構對 Solana 興趣的上升和不斷變化的政策可能為其 ETF 的批准創造有利的環境。