Bitwise, Canary Capital, VanEck, and 21Shares Submit Solana ETF Applications Amid Price Surge

The race to launch the primary Solana-focused exchange-traded fund (ETF) is heating up, with 4 main issuers submitting functions with the Chicago Board Choices Trade (CBOE).

This improvement appears to have triggered a cost resulting in the worth of Solana’s native SOL token to a brand new all-time excessive (ATH), pushing it nearly previous $263 solely hours earlier than this writing.

SEC Filings and Optimism

The applications are from Bitwise, Canary Capital, VanEck, and 21Shares and have been filed as Type S-1s and 19b-4s with the U.S. Securities and Trade Fee (SEC). Notably, Bitwise’s S-1 submission, dated November 21, signifies its intention to create a commodity-based belief.

The regulator now has as much as 15 days to acknowledge the filings and publish them within the Federal Register. It could mark the following part within the regulatory course of, kickstarting a 240-day assessment window.

Whereas earlier filings for Solana ETFs had been withdrawn earlier this yr, trade watchers are far more optimistic concerning the new submissions’ success, given the shifting regulatory temper following Donald Trump’s victory within the not too long ago concluded U.S. presidential election.

The President-elect’s pro-crypto stance and Gary Gensler’s impending departure from the SEC helm have given observers a way of positivity, despite the fact that some challenges stay, together with pending lawsuits referencing SOL as a safety.

Bloomberg’s senior ETF analyst, Eric Balchunas, warned that the lawsuits and regulatory hurdles should be resolved earlier than approval might be anticipated.

Fellow skilled Nate Geraci had earlier predicted that a number of ETFs can be filed after Trump’s victory. For now, the optimism appears rooted in hypothesis reasonably than concrete indicators from the SEC.

Solana’s Worth Soars Amid ETF Buzz

If authorised, the ETFs might broaden entry to Solana for conventional traders, solidifying its standing alongside Bitcoin and Ethereum as a high blockchain ecosystem.

SOL’s market cap now stands at over $125 billion, with a completely diluted valuation of $153.25 billion. A 24-hour buying and selling quantity of $14.8 billion per CoinGecko is a testomony to the market’s pleasure and rising investor curiosity.

The token, ranked #4 on the listing of largest cryptocurrencies by market cap, surged to an all-time excessive of $262.93 on the again of the filings. Though the worth had retracted to only above $259 on the time of writing, it nonetheless represents an almost 9% enchancment during the last 24 hours.

The surge is a way more spectacular 24.7% throughout seven days, outpacing the broader crypto market’s 9.3% progress in the identical interval. Moreover, its efficiency has been among the many most dominant within the layer 1 area, the place most cash averaged 13.4% positive aspects.