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Cboe BZX Exchange Files Form 19b-4 for Bitwise Solana ETP

By: Bitwise Asset Management via Business Wire

November 21, 2024 at 17:42 PM EST

“We believe there is significant demand for Solana in an ETP format,” says Matt Hougan, Bitwise CIO.

Bitwise Asset Management announced today that Cboe BZX Exchange, Inc. has filed to list a spot Solana exchange-traded product (ETP) from Bitwise. Per the filing, the ETP would directly hold SOL, the native token of the Solana blockchain.

The launch of Bitwise’s Solana ETP is pending approval of the Form 19b-4 filing as well as the effectiveness of a Form S-1.

A Layer 1 blockchain optimized for speed and scalability, Solana is one of the leading platforms for crypto’s real-world applications, including tokenization, decentralized finance (DeFi), decentralized physical infrastructure (DePIN), stablecoins, memecoins, gaming, and non-fungible tokens (NFTs). SOL is currently the third-largest crypto asset in the world, with a market capitalization above $110 billion.¹ Since its launch in 2020, Solana has become one of the top competitors in the programmable blockchain space. The platform has generated more than $540 million in revenue in 2024 and processes more than 50 million transactions per day.²

“Bitwise helps investors access the opportunities emerging in crypto with peace of mind,” said Bitwise CEO Hunter Horsley, “and any list of those opportunities wouldn’t be complete without Solana. Solana is cheaper, faster, and easier to use than many other blockchains, which is why many of the top crypto projects are building on it today. We’re committed to doing the work necessary to bring a Solana ETP to market, starting with this filing.”

The filing follows a series of recent milestones for Bitwise, whose client assets now total more than $11 billion. During the year, the firm:

launched spot Bitcoin and spot Ethereum ETPs that have collectively amassed $4.3 billion in assets to date;
acquired European crypto asset manager ETC Group and institutional staking provider Attestant;
filed an S-1 for an XRP ETP;
launched an Aptos staking ETP in Europe; and
filed to uplist the world’s largest crypto index fund to become an ETP.

Today, Bitwise’s suite includes ETPs, index funds, alpha strategies, SMA strategies, and staking solutions spanning over 30 products in the U.S. and Europe. Since 2017, Bitwise has served as a specialist partner to thousands of investment professionals and financial institutions looking to understand and access crypto assets.

RISKS AND IMPORTANT INFORMATION

No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.

Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies, stocks, or bonds.

Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.

Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price.

The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to further discussion, completion and amendment. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein.

¹Source: CoinMarketCap as of November 20, 2024.

²Source: Token Terminal and Artemis as of November 20, 2024.