The highly anticipated Solana ETF is nearing its launch, following the approval of Bitwise’s staking product by the New York Stock Exchange (NYSE). This significant milestone marks the final stages of preparation, with the exchange-level requirements now met, paving the way for the imminent start of operations.
The NYSE’s approval of the Bitwise Solana Stake ETF is a crucial step towards the fund’s listing, allowing it to track the price of SOL and the staking rewards generated by the network. According to a filing with the U.S. Securities and Exchange Commission on October 27, NYSE Arca has officially confirmed its approval to list and register shares of the fund.
Key Developments and Launch Prospects
Bloomberg analyst Eric Balchunas noted that the listing notices for Bitwise Solana, Canary Litecoin, and Canary HBAR could lead to a launch as early as October 28, positioning the Solana ETF at the forefront of a wave of new funds. “Confirmed. The exchange has just released listing notices for Bitwise Solana, Canary Litecoin and Canary HBAR to enter the market TOMORROW, and Grayscale Solana to transition the next day. Assuming there is no short-term intervention from the SEC, it looks like this is happening,” Balchunas wrote in an X post.
The Bitwise Solana Staking ETF is designed to provide a regulated way for investors to generate staking returns, with the product fully backed by SOL held in institutional-grade cold storage. The fund tracks the Compass Solana Total Return Monthly Index, net of fees and costs, offering investors a chance to participate in blockchain-native returns without managing private keys or interacting directly with the staking infrastructure.
Competitive Landscape and Market Implications
To remain competitive, Bitwise has set its management fee at 0.20%, lower than the average fees for many spot Bitcoin and Ethereum ETFs. The company plans to waive this fee entirely for the first three months and for the first $1 billion of assets under management, aiming to attract early capital and establish market dominance.
The NYSE approval represents a significant milestone for Solana’s role in regulated markets, designating Solana as a crypto asset eligible for institutional investment products in major U.S. states. The timing of the listing suggests a wave of competition is forming around the Solana asset class, with multiple issuers intending to capitalize on the same launch window.
For more information on the Solana ETF launch prospects, visit https://crypto.news/solana-etf-launch-prospects-rise-as-bitwise-gets-nyse-ok/
