- Bitwise set a 0.20% fee for its Solana ETF, aiming to attract early investor interest.
- The SEC may delay approval due to limited staff during the ongoing US government shutdown.
- Solana price rose over 4% as investors watched closely for a decision on the pending ETF launch.
Bitwise has filed an amendment to its registration statement for the Solana Staking ETF. The filing outlines a 0.20% management fee, which analysts note is lower than expected. This move positions the firm competitively among several other asset managers awaiting SEC decisions on crypto ETFs.
The low fee is part of Bitwise’s broader strategy to drive early investor interest. Historically, low-cost ETFs tend to attract more capital. The firm has also waived fees for the first three months or until the ETF reaches $1 billion in assets. This adds pressure on competitors to match or lower their own fee structures.
ETF Structure and Key Partners Disclosed
The filing includes details on the ETF’s structure and involved parties. The fund will trade under the ticker “BSOL” on the CBOE BZX Exchange, pending regulatory approval. Bitwise has named Attestant as its staking provider. Coinbase Custody will handle the ETF’s staking custody under a formal agreement.
The legal counsel listed is Chapman and Cutler LLP, while Fenwick & West LLP will handle tax matters. KPMG has provided consent to act as the accounting firm for the ETF. These designations point to the fund’s readiness for launch upon receiving the green light from the SEC.
Regulatory Delays Caused by U.S. Government Shutdown
The SEC has delayed several ETF decisions due to the ongoing government shutdown. The agency currently operates with reduced staff, prioritizing only urgent matters. This has impacted timelines for multiple crypto ETF filings, including Bitwise’s application.
The final deadline for the SEC to decide on the Bitwise Solana Staking ETF is October 16. However, approval may come sooner or be grouped with other pending Solana ETF proposals. The SEC has yet to finalize a decision on Grayscale’s related application, expected by the end of this week.
Analysts suggest the delay could affect not just Solana ETFs but also other pending applications like Litecoin and Dogecoin funds. The issuers have been advised to abide by the Generic Listing Standards, and this is an indication of procedural treatment.
Market Reaction and Investor Outlook
Over the past 24 hours, Solana has gone up by over 4%, and its current value is about $227.83. Even after the rise in the price, the trading volume has declined by 27% and this indicates a cautious attitude towards the investment.
Analysts believe that approval of low-fee staking ETFs may strengthen institutional interest in Solana. This ETF launch, if approved, would mark another step in integrating staking-based assets into mainstream investment products.
