Crypto asset manager Bitwise has filed for a Solana (SOL) exchange-traded fund (ETF)—just as the asset closes in on a new all-time high price.
The spot ETF, if approved, would give investors exposure to SOL, the fourth-biggest cryptocurrency by market cap.
SOL is now trading hands for just over $255, according to CoinGecko data, after nearly touching $259 on Thursday afternoon. At today’s peak, Solana was less than $1 away from its all-time high price set in 2021.
Still, Bitwise will have to file additional forms with the Securities and Exchange Commission (SEC) to seek approval. Its Wednesday filing was with the state of Delaware—a very early step in the process.
ETFs are investment vehicles that trade on stock exchanges and give investors exposure to an underlying asset. The SEC approved Bitcoin ETFs in January, leading to a flood of institutional capital. The funds allow investors to buy shares that track the price of cryptocurrency.
Bitwise already has two other crypto products trading on U.S. stock exchanges: its
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Author: Mathew Di Salvo
