By Nermeen Nabil Khear 
Bitwise Asset Management has filed to establish a trust entity for its proposed Bitwise Solana ETF in Delaware, marking an early step toward launching the fund.
The move indicates that Bitwise may soon submit the ETF for regulatory approval from the U.S. Securities and Exchange Commission (SEC).
If approved, Bitwise will join other asset managers like VanEck and 21Shares, which have also pursued Solana-focused ETFs.
VanEck Describes Solana as akin to Bitcoin and Ethereum
VanEck initiated the push in June, describing Solana as a commodity akin to Bitcoin and Ethereum, while 21Shares emphasized the procedural importance of its filing.
The Bitwise Solana ETF would aim to track the performance of Solana, currently the fourth-largest cryptocurrency by market capitalization.
Details such as the exchange listing and ticker for the ETF remain undisclosed.
This filing follows Bitwise’s recent S-1 registration for an XRP ETF, the first fund proposal offering exposure to Ripple’s native cryptocurrency.
The firm has experienced remarkable growth in 2024, with assets under management (AUM) reaching $5 billion as of October 15—a 400% year-to-date surge.
Bitwise’s spot Bitcoin ETF, BITB, has also gained significant traction, drawing $2.3 billion in net inflows since its launch, second only to offerings by BlackRock and Fidelity.
Last week, Bitwise acquired Attestant, a non-custodial Ether (ETH) staking service provider, as part of its strategy to offer a wider range of crypto services.
Attestant is a London-based privately held company. With the acquisition, Bitwise will now manage over $10 billion in assets, including Attestant’s $3.7 billion in assets under management (AUM).
Notably, Trump’s presidential victory on Nov. 5 could pave the way for a wave of new crypto ETFs in the U.S., with over half a dozen currently waiting for regulatory approval.
These proposed ETFs include funds holding a variety of altcoins like Solana (SOL), Ripple (XRP), and Litecoin (LTC), among others.
Solana DApps See Record Fees and Revenue Amid Meme Coins Resurgence
As reported, Solana-based decentralized applications (DApps) have registered record fees and revenue, driven by a renewed meme coin frenzy.
Likewise, trading activity on Solana-based decentralized exchanges (DEXes) has reached record levels as meme coin enthusiasm sweeps the crypto market.
As reported, institutional investment in Solana-based blockchain applications rebounded in the third quarter of 2024, with Solana’s decentralized applications (DApps) attracting $173 million across 29 funding rounds.
This marks a 54% rise from the previous quarter, signaling renewed interest in the Solana ecosystem despite a 37% decline in the number of funding rounds, according to a recent Messari report.
Per the report, this influx of capital represents the highest investment level in Solana projects since Q2 2022.
The third quarter also saw a dramatic increase in Solana’s fee-related metrics.
Average daily fee payers reached 1.9 million, an impressive 109% increase quarter-over-quarter, while new fee payers surged 430% to 1.3 million.
However, the network’s daily transaction volume, excluding voting-related activity, dropped by 12% to 62 million transactions.
The post Bitwise Asset Management Takes Step Towards Solana ETF with Trust Entity Filing appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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