Digital asset management company Bitwise has filed a legal trust registration in Delaware to create a spot exchange-traded fund (ETF) for Solana (SOL).

This step indicates that the company is preparing to make an official S-1 application to the U.S. Securities and Exchange Commission (SEC).

First steps for Solana ETF

Bitwise Solana (SOL) ETF was established on November 20, according to its official website. CSC Delaware Trust Company is listed as the registered agent. The company is also required to submit a 19b-4 application and an S-1 registration statement to the SEC to formalize the Solana ETF.

This move means Bitwise is entering the same race as other major players such as VanEck and Canary Capital. Previously, on October 1, Bitwise established a trust in Delaware for a spot XRP ETF and submitted the S-1 form to the SEC the next day.

Target, tracking the price of Solana

If approved by the SEC, the Bitwise Solana ETF will aim to track the price movements of the world's fourth largest cryptocurrency. However, the application does not provide any information on which exchange the ETF will be listed on. The company's existing Bitcoin and Ethereum ETFs are trading on the New York Stock Exchange Arca.

Matthew Sigel, VanEck's Digital Asset Research Director, sees a 'high probability' of spot Solana ETF approval in the US by the end of 2025.