Crypto-investments firm Bitwise has made significant progress toward launching a Solana exchange-traded fund (ETF) in the United States.

Paperwork submitted to the Securities and Exchange Commission (SEC) positions Bitwise as the fourth investment firm seeking to introduce a Solana ETF, joining Canary Capital (which filed in October), VanEck, and 21Shares (which began their applications in June).

Donald Trump's anticipated return to the White House is changing the trajectory for the crypto industry, making previously distant regulatory proposals seem achievable. Current SEC Chairman Gary Gensler is expected to resign from his position on January 20, coinciding with Trump's inauguration.

One such proposal is the creation of an ETF for SOL, akin to how ETH functions on Ethereum, enabling easier trading through ETFs for Wall Street investors.

Bitwise has a history of launching a variety of ETFs tracking Bitcoin and Ethereum. Recently, it has expressed interest in more contentious assets, including XRP and now SOL.

Solana has emerged as a leading contender in this year's market surge, attracting considerable trading activity, particularly among memecoin enthusiasts. Its SOL token is on the brink of breaking previous all-time high records.

Chief Investment Officer Matt Hougan validated the filing's authenticity but opted not to elaborate further. The firm heavily targets registered investment advisors in the U.S. and reported managing $5 billion in assets last month.

Cboe, which is partnering with Bitwise for the proposed ETF, submitted necessary forms for all four applications on Thursday. Although Bitwise's S-1 form, required for ETF issuance, had not been publicly available at the time of reporting.