Crypto asset manager Bitwise has submitted a registration statement to the SEC for its Bitwise Solana ETF. This follows the firm's establishment of a trust entity for the proposed fund. BNY will serve as the trust's administrator. Bitwise joins other asset managers, including VanEck and 21Shares, in pursuing Solana ETF products. The SEC had previously considered Solana a security, but a recent court filing suggests the agency may amend its complaint. Bitwise acknowledges the regulatory uncertainty and potential risks associated with Solana and stated it may need to adjust its plans for the ETF if Solana is deemed a security. VanEck argues that Solana should be classified as a commodity.



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