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Bitwise CEO Hunter Horsley has revealed his expectations concerning the firm's U.S. Solana ETF.
Horsley had stated in a recent X post that Europe’s Bitwise Solana staking ETP saw $60 million in inflows this week. "Solana on people’s minds," Horsley said.
Reacting to this post, an X user asked the Bitwise CEO about his projection of inflows for the company's U.S. Solana ETFs post approval. Horsley responded, "$1 trillion first day," adding "second day is anyone's guess," highlighting growing institutional demand for Solana exposure.
Several applications for Solana exchange-traded funds (ETFs) with staking could receive U.S. approval by mid-October, Nate Geraci, the president of NovaDius Wealth Management, predicts following new filings.
Geraci noted that asset managers, including Bitwise, have filed amended S-1 documents for spot Solana ETFs to the U.S. Securities and Exchange Commission (SEC) on Friday. The S-1 document is a comprehensive disclosure outlining the company’s financials, risk profile and the securities they intend to offer.
"Another flurry of S-1 amendments filed today on spot sol ETFs… Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, & Canary includes staking (yes, bodes well for spot eth ETF staking). Guessing these are approved [within the] next two weeks," Geraci said.
Get ready for October?
Geraci indicated that October could be significant for the crypto market, pointing to recent developments in the market, such as the first Hyperliquid ETF filing, and the SEC’s approval of generic listing standards for crypto ETFs.
"Get ready for October," Geraci said. Expectations remain up for October, considered bullish for cryptocurrencies.
At the time of writing, Solana was down 2.81% in the last 24 hours to $196 and 19% weekly as the crypto market saw a sell-off this week in reaction to macroeconomic concerns.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team