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Howdy!

I’ve been sitting here with Telegram bots spitting the price of bitcoin and solana at me all day, just waiting for $100,000 BTC and a SOL all-time high. I’m going to be pretty upset if the Asia market pushes those over the line while I’m sleeping.

Today we have an interview with Bitwise’s CEO, SOL’s near-high, and Chill Guy:

Bitwise CEO: Solana an ‘incredible emerging asset and story’

The crypto-focused asset manager Bitwise took an initial step toward launching a SOL ETF yesterday when it registered a statutory trust in Delaware. Bitwise becomes the fourth firm to show interest in a spot SOL ETF following earlier filings from VanEck, 21Shares and Canary Capital.

I spoke with Bitwise CEO Hunter Horsley, who cast Solana as one of this crypto market cycle’s breakout successes that he thinks clients will want to access. The firm also recently filed for an XRP ETF.

Bitwise’s filing is the latest indication that despite Solana’s lack of a regulated futures market in the US — long thought to be a requirement for spot crypto ETFs — a potentially more crypto-friendly Trump administration could get SOL ETFs across the finish line.  

The move comes as a FOX Business correspondent reported on social media that the SEC is more actively engaging with spot SOL ETF applicants. This is an about face from August, when The Block reported that the SEC rejected 19b-4 filings from the Cboe exchange, a key component in bringing about an agency decision.

The obvious difference between now and then is the regulatory outlook, with SEC chair and crypto industry bogeyman Gary Gensler announcing his resignation from the agency. Horsley said the US presidential election was “absolutely relevant” in Bitwise’s decision to file for a SOL ETF, and now feels like a “constructive time” to engage with regulators after mulling over an application for around a year. 

Like competitors VanEck and 21Shares, Bitwise currently offers a Solana exchange-traded product in Europe — a product it gained access to by way of acquiring London-based ETC Group in August. The Solana ETP currently has $27 million in assets under management (AUM), which is dwarfed by some competitors — 21Shares’ Solana ETP holds nearly $1.4 billion, for instance.

With a potential spot ETF, Bitwise and its competitors will seek to let US investors get exposure to SOL’s price action in a regulated wrapper. 

SOL has the chance to become the third crypto to get a US-traded ETF. The first, bitcoin, saw impressive inflows after launching while the second, ether, was much less in-demand. I asked Horsley if the uninspiring ether flows spelled trouble for SOL ETFs. He responded that ether ETFs faced an uphill battle since they launched over the summer (when asset managers are likely vacationing in the south of France), ether hasn’t had great price action this market cycle, and two crypto ETFs were a lot for slow-moving capital markets to absorb in a short time. 

Horsley was effusive in talking about Solana overall, calling SOL “an incredible emerging asset and story.” Later on, the Bitwise boss said many bitcoin ETF buyers may be looking for the “next big thing” in crypto.

“For a lot of investors, the answer to that is Solana,” Horsley said.

— Jack Kubinec

Brought to you by:

Renaud Partners is the premier go-to-market consulting firm for early-stage Solana teams.

We’ve been deeply involved in the community since 2021, supporting some of the best known projects in the ecosystem.

We help teams with their go-to-market, brand positioning, social and PR, and fundraising strategy.

We also work across other ecosystems including Monad, Base and TON.

If you're a team looking to expedite your marketing success, let’s talk: [email protected] or @rockin_renaud on telegram.

So close:

Solana climbed another 10% over the past 24 hours to close in on an all-time high of $260, per CoinGecko’s data. 

SOL hadn’t yet eclipsed its 2021 record at the time of publication, but things certainly seem to be heading in that direction, knock on wood.

— Jack Kubinec

Web3 runs on vibes. Cosmic vibes, retro vibes, "please God let my bags pump" vibes. But there are perhaps none greater than chill vibes. Enter: Chill Guy, the anthropomorphic dog who "lowkey doesn’t give a f*ck."

Originally sketched by artist Phillip Banks in October 2023, the character’s nonchalant attitude became an instant mood. By August 2024, TikTok had turned Chill Guy into a full-blown phenomenon as memes, slideshows, and remixes flooded the platform. Then finally, less than a week ago, a Solana developer launched a memecoin inspired by the IP. The token's ascent has been meteoric, reaching a $400M+ market cap in just five days.

But while degens have been living their best lives, it quickly became evident that the original artist wasn’t so chill after all. Banks took to X to declare ‘Chill Guy’ legally copyrighted and vowed to take action against unauthorized for-profit uses, such as the memecoin.

Many degens found this response off-putting. User @DeeZe said, “If Phil dropped a wallet address he would make more than he does in a year in an hour.” @nicedayJules acknowledged that “few want to see artists win more than all of us. Hope Phil comes around.” Multiple accounts, including Solana co-founder @rajgokal, rallied to gather donations for Banks. They even offer to hand over a wallet seed phrase to him directly or donate the funds to a charity of his choosing. Yet, the artist seemed unmoved and, if anything, firmly anti-crypto.

While some praised his principled stand, others mocked his decision to pass on life-changing wealth. @Solcasinoio quipped, “Bro gonna try to sue crypto wallets 💀,” while @AntonioCryptoX declared, “Imagine turning down generational wealth just to make a point.” Others took a more philosophical view. @BrungusDeluxe reminded the community, “If we care about giving people ownership, then we have to support his right to make a bad financial decision with his art.”

Meanwhile, @SwaggyMcNasty accused Banks of ripping off “that dog from Family Guy,” while @cryptom00ks simply observed, “I finally get why artists are starving.” Despite the mockery, the backlash also sparked some introspection. @joxiecoxie pointed out, “It’s really sad to see a bunch of crypto people bullying [an] artist for not wanting to use his IP. Why can’t we respect his decision? Isn’t that why we came into the space?”

Whether Banks will embrace crypto or stick to his morals remains unclear. But hey, at least the drama is good for the lore.

— Jeffrey Albus

Brought to you by:

Renaud Partners is the premier go-to-market consulting firm for early-stage Solana teams.

We’ve been deeply involved in the community since 2021, supporting some of the best known projects in the ecosystem.

We help teams with their go-to-market, brand positioning, social and PR, and fundraising strategy.

We also work across other ecosystems including Monad, Base and TON.

If you're a team looking to expedite your marketing success, let’s talk: [email protected] or @rockin_renaud on telegram.

A message from Bartosz Lipinski, CEO of Cube Group: