TL;DR
- Bitwise Asset Management has filed Form 19b-4 with the Cboe BZX Exchange to list a spot Solana ETP, offering investors direct exposure to SOL, the native token of the Solana blockchain.
- Solana, known for its speed and scalability, processes over 50 million transactions daily and has generated more than $540 million in revenue in 2024.
- Bitwise CEO Hunter Horsley highlighted Solana’s advantages and the firm’s commitment to crypto innovation, with the Solana ETP pending regulatory approval.
Bitwise Asset Management has announced a significant development in the cryptocurrency investment landscape. On November 21, 2024, the Cboe BZX Exchange filed Form 19b-4 to list a new product: a spot Solana ETP. This ETP will directly hold SOL, the native token of the Solana blockchain, offering investors a new way to gain exposure to this rapidly growing digital asset.
Solana’s Market Position
Solana has established itself as a major player in the blockchain space since its launch in 2020. Known for its speed and scalability, Solana processes over 50 million transactions daily and has generated more than $540 million in revenue in 2024 alone.
Currently, Solana is the third-largest cryptocurrency by market capitalization, valued at over $110 billion. Its robust performance and widespread adoption have made it a preferred platform for various real-world applications, including DeFi, tokenization, gaming, and NFTs.
Bitwise’s Commitment to Crypto Innovation
Bitwise CEO Hunter Horsley emphasized the importance of Solana in the crypto ecosystem, stating:
“Bitwise helps investors access the opportunities emerging in crypto with peace of mind, and any list of those opportunities wouldn’t be complete without Solana.”
He highlighted Solana’s advantages over other blockchains, such as being cheaper, faster, and easier to use, which has attracted many top crypto projects to build on its platform. Bitwise has been at the forefront of bringing innovative crypto investment products to market.
The firm has launched several successful ETPs, including spot Bitcoin and spot Ethereum products, which have collectively amassed $4.3 billion in assets. Bitwise’s client assets now total more than $11 billion, reflecting its strong position in the industry.
Regulatory Approval and Future Prospects
The launch of the Solana ETP is pending approval of the Form 19b-4 filing and the effectiveness of Form S-1. If approved, this product will make Solana more accessible to traditional investors, potentially driving further growth and adoption of the Solana blockchain.
The filing follows a series of milestones for Bitwise, including the acquisition of European crypto asset manager ETC Group and institutional staking provider Attestant.
