Bitwise Solana Staking ETF (BSOL) is preparing for its listing after the issuer submitted an amended 8-A filing with the U.S. Securities and Exchange Commission (SEC). The final deadline for the SEC's decision on Bitwise's BSOL exchange-traded fund (ETF) was originally October 16 but was postponed due to the ongoing U.S. government shutdown.
Bitwise Solana Staking ETF (BSOL) Prepares for NYSE Arca Listing
According to the SEC filing, asset management firm Bitwise has submitted a Form 8-A for its Solana Staking ETF. This filing represents the final procedural step before an ETF is officially listed and begins trading on an exchange. The amended filing indicates a change in the listing exchange from Cboe BZX to NYSE Arca. Previous filings had designated Cboe as the exchange for the listing and trading of the fund's shares.
Recently, the 21Shares Solana ETF (VSOL) also filed an 8-A to list and trade on Cboe BZX. This ETF is notable as it will offer a staking yield of 6-7% to its holders, positioning it as the first major crypto ETF to provide passive income. However, an official announcement from the U.S. Securities and Exchange Commission (SEC) regarding these filings is still pending. The U.S. government shutdown has caused delays for numerous ETFs focused on altcoins like Litecoin, Solana, XRP, and Dogecoin.
Bitwise Announces Changes in Solana ETF
On October 8, Bitwise submitted its fifth amendment to its spot Solana ETF application. The firm officially incorporated the term 'Staking' into the ETF's name and established a management fee of 0.20%. Bloomberg senior ETF analyst Eric Balchunas commented on the low fees, stating, "Bitwise not playing around," suggesting a strong competitive strategy to attract inflows. Historically, low fees have demonstrated a high success rate in attracting potential investors. The asset management firm has also announced a waiver of fees for the initial three months or until the assets under management reach $1 billion.
Additional details disclosed in the filings include Chapman and Cutler LLP as the legal counsel, Fenwick & West LLP as the tax counsel, and consent from the accounting firm KPMG. Furthermore, Attestant has been appointed as the staking, delegated staking, and re-staking provider, with Coinbase Custody handling the staking custody agreement.
SOL Price Jumps Over 4%
The price of Solana (SOL) has experienced a surge of over 4% in the past 24 hours. At the time of writing, SOL was trading at $191.64, with an intraday low of $177.67 and a high of $192.42. Trading volume remained subdued, showing an 11% decrease over the last 24 hours, which suggests traders are exercising caution ahead of the CPI inflation data release scheduled for Friday.
Data from Coinglass indicates increased buying activity in the derivatives market over the last few hours. Currently, the total SOL futures open interest has risen by more than 2% to $9.06 billion in the past four hours. Specifically, SOL futures open interest on CME, Binance, and OKX saw increases of over 2%, 2.50%, and 4.50%, respectively. This trend signals a bullish sentiment among derivatives traders regarding SOL.