Bitwise Solana ETF on Deck: SEC's Crypto Approval Tango Continues
Published Date: 5/23/2025
Notice
Summary
The SEC is deciding whether to approve the Cboe BZX Exchange’s plan to list and trade shares of the Bitwise Solana ETF, a new fund tied to the Solana cryptocurrency. This affects investors interested in crypto ETFs and could open up fresh trading options soon. The decision will be made by May 19, 2025, and could impact how easily people buy and sell these shares.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Possible New Solana ETF Trading
The SEC is deciding whether to let the Cboe BZX Exchange list and trade the Bitwise Solana ETF, which would give investors a new way to buy exposure to the Solana (SOL) cryptocurrency. The Commission set May 19, 2025 as the date by which it will approve, disapprove, or institute further proceedings.
SEC Reviewing Fraud and Investor-Protection Issues
The Commission is instituting proceedings to review whether listing the Bitwise Solana ETF would prevent fraudulent or manipulative acts and whether it would protect investors and the public interest under Section 6(b)(5) of the Securities Exchange Act. The SEC is seeking public comment on these investor-protection and market-manipulation issues.
ETF Will Hold SOL and Use Daily Pricing
The proposed Bitwise Solana ETF would hold only SOL, cash, and cash equivalents, and its shares would be valued daily at 4:00 p.m. ET using the CME CF Solana-Dollar Reference Rate (New York Variant). When creating or redeeming shares, the Trust will transact in cash with authorized participants in blocks of 10,000 shares.
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