Bitwise, America's largest index fund manager, has announced the listing of its Solana Staking ETP on the Frankfurt-based Xetra exchange, further expanding its offerings in the field of cryptocurrency solutions.
New Listing on Xetra
The Solana Staking ETP launched by Bitwise provides investors with access to the sixth-largest cryptocurrency with a market cap of $103 billion. This ETP complements existing staking products for Ethereum and Aptos, introduced earlier this year.
Solana's Market Position
Bitwise CEO Hunter Horsley described Solana as one of the "rising star assets" in the cryptocurrency space. Earlier this year, Bitwise and VanEck filed applications to launch a spot ETF for Solana in the U.S., but regulators have not yet approved these products.
Regulatory Perspectives and ETP Future
Eric Balchuns, Bloomberg's leading ETF expert, recently predicted that the SEC might end up approving a Litecoin ETF and a Solana ETF, despite the regulatory uncertainty. Solana is named in SEC lawsuits against Binance and Coinbase as an unregistered security.
While it is not clear when the SEC will approve ETFs tied to more arcane cryptocurrencies, altcoin-based ETP products have been around in Europe for years. Earlier this year, Bitwise purchased the European ETP issuer ETC Group.
