Bitwise Solana Staking ETF (BSOL) gears up for listing as the issuer submitted an amended 8-A filing with the U.S. Securities and Exchange Commission (SEC).
The final deadline for the US SEC to decide on Bitwise’s BSOL exchange-traded fund (ETF) was October 16, which got delayed due to the prolonged U.S. government shutdown.
Bitwise Solana Staking ETF (BSOL) Prepares for NYSE Arca Listing
According to the SEC filing, asset management firm Bitwise submitted a Form 8-A for its Solana Staking ETF. This marks the last step before an ETF gets listed and starts trading on an exchange.
The amended filing is connected with a change of exchange from Cboe BZX to NYSE Arca. The earlier filings mentioned Cboe as the exchange for listing and trading of the shares of the fund.
Recently, 21Shares Solana ETF (VSOL) also filed 8-A to list and trade on Cboe BZX. It will pay 6-7% staking yield to holders, becoming the first major crypto ETF giving passive income.
However, the official announcement from the U.S. Securities and Exchange Commission (SEC) is still awaited.
Many ETFs for altcoins such as Litecoin, Solana, and XRP, Dogecoin are delayed due to the prolonged U.S. government shutdown.
Bitwise Announces Changes in Solana ETF
On Oct 8, Bitwise submitted a fifth amendment to its spot Solana ETF application. The firm includes ‘Staking’ in the name and sets a 0.20% management fee.
Bloomberg senior ETF analyst Eric Balchunas quoted the low fees as “Bitwise not playing around” as they seek to lead in inflows. Notably, low fees have a near-perfect history of attracting potential investors.
The asset management firm waived fees for the first three months or until assets under management reach the first $1 billion.
Other details disclosed in the filings include Chapman and Cutler LLP as legal counsel, Fenwick & West LLP as tax counsel, and consent from accounting firm KPMG.
Also, Attestant is the staking, delegated staking and re-staking provider, and staking custody agreement with Coinbase Custody.
SOL Price Jumps Over 4%
Solana price surged more than 4% in the past 24 hours, with the price trading at $191.64 at the time of writing. The intraday low and high were $177.67 and $192.42, respectively.
Trading volume remained low at 11% over the last 24 hours, indicating that traders remained cautious ahead of the CPI inflation data release due on Friday.
The derivatives market also revealed buying in the last few hours, as per Coinglass data. At the time of writing, the total SOL futures open interest jumped more than 2% to $9.06 billion in the last 4 hours.
SOL futures OI on CME, Binance, and OKX jumped more than 2%, 2.50% and 4.50%, respectively. This signals that derivatives traders are bullish on SOL.