Bitwise Secures $420 Million in First Solana ETF Launch Disrupts Competition

Bitwise Asset Management has secured a major advantage in the cryptocurrency exchange-traded fund (ETF) market, launching the first U.S. spot Solana ETF on October 28th despite a government shutdown. The firm bypassed formal SEC approval, raising $420 million in investor capital during its opening week and forcing competitors to reconsider their product launch strategies.