Solana Price Reclaims All-Time High As Bitwise Joins ETF Race

Bitwise Asset Management just turbo-charged Solana price after it filed for a spot SOL ETF with the US SEC

Solana’s (SOL) price has reclaimed its All-Time High (ATH) at $260 as Bitwise took a decisive step toward launching a spot ETF in the U.S. On Thursday, the asset manager filed documents with the Securities and Exchange Commission (SEC) to bring a Solana-focused ETF to market. 

This move positions Bitwise as the fourth contender in the race, following VanEck, 21Shares, and Canary Capital. With regulatory changes on the horizon, Bitwise is betting on Solana’s rapid ascent in the crypto world. The firm sees an opportunity to bring broader crypto adoption to mainstream investment portfolios through a Solana ETF.

A New Era for Solana ETFs?

The race to create the first Solana ETF in the United States intensified. While Canary Capital filed its application in October, the race officially began in June with submissions from VanEck and 21Shares. 

Bitwise’s entry underscores the increasing interest in Solana. Solana is more than a digital asset. During this year’s bull run, its blockchain network is celebrated for its speed, low costs, and popularity. 

This functionality makes it a favorite for decentralized finance (DeFi), Non-fungible tokens (NFTs), and memecoin trading. Solana’s native token, SOL, is at the forefront of this momentum, surpassing its 2021 all-time high. 

At the time of writing, the coin has shed some gains, trading at $259.73 amid a 7.51% gain in 24 hours.

Bitwise’s move comes at a pivotal moment for the crypto industry. With Donald Trump’s impending return to the White House in January, the regulatory environment is poised for a shake-up. SEC Chair Gary Gensler, known for his tough stance on crypto, is set to step down in January. This shift may pave the way for more innovative crypto products like ETFs for assets like Solana.

Bitwise’s Big Play in the Crypto Industry

Bitwise is familiar with the ETF game. With $5 billion in assets under management (AuM), the firm has focused on serving registered investment advisers in the U.S. Its partnership with Cboe, a major exchange, further reinforces its credibility in pursuing the Solana ETF.

Bitwise’s track record suggests a willingness to take risks, having previously sought ETF approvals for assets like XRP and SOL. With its Bitcoin and Ethereum ETFs already in place, Bitwise is poised to take advantage of the changing market.

Notably, the S-1 form, a critical document for ETF approval, still needs to be submitted as of Thursday. Nevertheless, Bitwise’s strategic filing earlier in Delaware signals its commitment. Matt Hougan, the company’s Chief Investment Officer, confirmed the filing but kept details under wraps, fueling anticipation for what’s to come.

Solana’s potential is gaining attention due to its standout performance in this year’s crypto resurgence. Both retail and institutional investors are recognizing its value. Bitwise’s proposed ETF could open the door for Wall Street to access Solana’s ecosystem. It would use SOL as the backbone for transactions, similar to how Ethereum relies on ETH.

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