Bitwise Joins Spot Solana ETF Race as SOL Price Nears $260

• Bitwise has registered a statutory trust for a proposed Solana ETF.
• Under the Trump administration, SOL ETFs are expected to be approved.
• Bitwise might soon join VanEck and Canary Capital in the spot SOL ETF race.

Bitwise, a leading digital asset management firm, has intensified the push for SEC approval of a spot Solana exchange-traded fund (ETF) by registering a statutory trust for the proposed SOL ETF, in Delaware.

Meanwhile, the price of SOL is nearing its all-time high of $260. At the time of publication, Solana is valued at $230.96—a decline of 11.19% from its peak. According to CoinMarketCap , Solana’s market capitalization stands at $110 billion, making it the fourth-largest digital asset by valuation.

Bitwise is expected to join the race for a spot Solana ETF alongside VanEck and Canary Capital. Reports from Delaware’s Division of Corporations reveal that Bitwise incorporated its trust on November 20th, listing CSC Delaware Trust Company as its registered agent. The firm is likely preparing to file an S-1 registration statement with the SEC.

Although Bitwise has yet to submit the required 19b-4 and S-1 filings, the crypto market has shown a surge in interest for altcoin ETFs with previous applications targeted at Litecoin (LTC) and XRP. 

Optimism is growing ever more following the election of pro-crypto candidate Donald Trump as president, who has promised to overhaul the US economy. That means a change in SEC leadership increases the likelihood of ETF approvals.

Solana’s Monumental Rally

SOL dethroned Binance Coin (BNB), becoming the fourth-largest cryptocurrency by market capitalization. The token gained 39.90% in the past 30 days and rose 8.06% in the last week. Overall, Solana’s price has surged by an astonishing 318.12% since November 2023, with a 24-hour trading volume of $6.40 billion.

Read also: SOL Nears $260 Peak as Solana Leads Blockchain Ecosystems in 2024

The Relative Strength Index for the SOL price action reads a value of 68.88 which means that the bulls are in control of the digital asset’s price and the gradient of the line suggests that lower prices are possible in the short term, i.e., a correction is being witnessed.