Bitwise Solana ETF Files for Public Offering

TL;DR

Bitwise Solana ETF just filed its S-1, getting ready to list on the public markets. Solana exposure incoming!

AI Summary

Bitwise Solana ETF filed an S-1 registration statement with the SEC on November 21, 2024, to register shares for public offering. The ETF, incorporated in Delaware and managed by Bitwise Investment Advisers, LLC, aims to provide investors with exposure to the Solana cryptocurrency. The filing indicates the proposed sale of securities will commence as soon as practicable after the registration statement becomes effective.

Why It Matters

This filing signals a potential new investment vehicle for exposure to Solana, a major cryptocurrency, which could impact its market dynamics and accessibility for traditional investors.

Risk Assessment

Risk Level: medium — The ETF's value is directly tied to the volatile cryptocurrency market, specifically Solana, and regulatory uncertainties surrounding digital assets.

Key Numbers

• 333-283391 — SEC File Number (Identifies this specific registration filing with the SEC.)

Key Players & Entities

• Bitwise Solana ETF (company) — Registrant
• Bitwise Investment Advisers, LLC (company) — Manager
• Solana (company) — Underlying Asset
• SEC (company) — Regulator
• November 21, 2024 (date) — Filing Date

FAQ

Key Financial Figures

• $1.0 billion — o; upon the earliest of (i) when it has $1.0 billion or more in annual revenues; (ii) when i

Filing Documents

• ea0222031-s1_bitwise.htm (S-1) — 1316KB
• ea022203101ex3-1_bitwise.htm (EX-3.1) — 22KB
• ea022203101ex3-2_bitwise.htm (EX-3.2) — 4KB
• ea022203101ex-fee_bitwise.htm (EX-FILING FEES) — 47KB
• 0001213900-24-101076.txt ( ) — 1390KB

From the Filing

As filed with the Securities and Exchange Commission on November 21, 2024. Registration No. 333-_________ UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION UNDER THE SECURITIES ACT OF 1933 Bitwise Solana ETF (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) c/o Bitwise Investment Advisers, LLC 250 Montgomery Street, Suite 200 San Francisco, California 94104 (415) 707-3663 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices and for service of process purposes) Copies to: Richard Coyle, Esq. James Audette, Esq. Chapman and Cutler LLP 320 South Canal Street, 27 th Floor Chicago, Illinois 60606 (312) 845-3724 Katherine Dowling, Esq. Bitwise Investment Advisers, LLC 250 Montgomery Street, Suite 200 San Francisco, California 94104 (415) 707-3663 Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement. If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large, accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine. The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. Preliminary Prospectus dated November 21, 2024 PROSPECTUS Shares Bitwise Solana ETF The Bitwise Solana ETF (the “Trust”) is an exchange-traded product that issues common shares of beneficial interest (“Shares”) that are anticipated to be listed on Cboe BZX Exchange, Inc. (the “Exchange”) under the ticker symbol “_____.” The Trust’s investment objective is to seek to provide exposure to the value of Solana held by the Trust, less the expenses of the Trust’s operations and other liabilities. In seeking to achieve its investment objective, the Trust will hold Solana and establish its net asset value (“NAV”) by reference to the CME CF Solana – Dollar Reference Rate – New York Variant (“Pricing Benchmark”). The Pricing Benchmark is calculated by CF Benchmarks Ltd. (the “Benchmark Provider”) based on an aggregation of executed trade flow of major Solana trading platforms (“Constituent Platforms”). The Trust is sponsored and managed by Bitwise Investment Advisers, LLC (the “Sponsor”). The Trust will pay to the Sponsor a unitary management fee of 0.___

View Full Filing

View this S-1 filing on SEC EDGAR