Crypto asset manager Bitwise has filed for a Solana (SOL) exchange-traded fund (ETF)—just as the asset closes in on a new all-time high price.

The spot ETF, if approved, would give investors exposure to SOL, the fourth-biggest cryptocurrency by market cap.

SOL is now trading hands for just over $255, according to CoinGecko data, after nearly touching $259 on Thursday afternoon. At today’s peak, Solana was less than $1 away from its all-time high price set in 2021.

Still, Bitwise will have to file additional forms with the Securities and Exchange Commission (SEC) to seek approval. Its Wednesday filing was with the state of Delaware—a very early step in the process.

ETFs are investment vehicles that trade on stock exchanges and give investors exposure to an underlying asset. The SEC approved Bitcoin ETFs in January, leading to a flood of institutional capital. The funds allow investors to buy shares that track the price of cryptocurrency.

Bitwise already has two other crypto products trading on U.S. stock exchanges: its Bitwise Bitcoin ETF and Bitwise Ethereum ETF.

SOL’s native blockchain is used by developers to build decentralized applications (dapps), meme coins, games, and more. It competes with Ethereum by offering cheaper and faster transactions.

A number of other asset managers have filed for a SOL ETF, including Canary Capital, VanEck, and 21Shares. Solana ETFs were thought to be a more difficult proposition given the SEC’s statements on Solana being an unregistered security, however the election of Donald Trump has significantly changed the calculus there.

SEC Chair Gary Gensler announced Thursday that he will resign on January 20, 2025, the date that Trump begins his second term. Trump ran on a pro-crypto platform and is expected to appoint a more crypto-friendly SEC Chair.

Optimism around Solana’s ETF prospects has been cited as one of the key reasons why SOL has been surging since the election, with the price now up 30% in the last two weeks alone.

Edited by Andrew Hayward

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