Bitwise Asset Management, a prominent player in the crypto investment space, has taken another bold step in expanding its offerings. The company has launched a Solana staking exchange-traded product (ETP) in Europe, providing investors with an enticing annual percentage yield (APY) of 6.48%. Operating under the ticker BSOL, this latest product positions Bitwise as a key contender in the European market while it continues to pursue regulatory approval for its Solana ETF in the United States.
Launched on December 17, the BSOL ETP boasts features that set it apart in the market. With a management fee of 0.85%, it undercuts competitors like 21Shares, whose similar offering carries a significantly higher fee of 2.5%. The higher APY and lower fees make BSOL an attractive option for investors seeking exposure to Solana staking rewards.
The product was developed in collaboration with Marinade, a leading self-custodial automation tool, ensuring a secure and efficient staking process for investors. “Solana is one of the rising stars in the blockchain ecosystem, and we’re thrilled to introduce BSOL as a way for investors to access staking benefits more easily,” said Hunter Horsley, CEO and Co-Founder of Bitwise.
BSOL is not Bitwise’s first foray into Solana products. In August, the firm launched ESOL, a Solana-based ETP, after acquiring nine European-listed crypto ETPs from the ETC Group. While ESOL does not offer staking rewards, BSOL bridges that gap by incorporating staking as a core feature. This is the third staking ETP Bitwise has launched in 2024, following the introduction of Ethereum and Aptos staking products earlier in the year. With its growing suite of ETPs, Bitwise now manages over $4.5 billion in assets, underscoring its significant footprint in the crypto investment landscape.
As Bitwise continues to strengthen its presence in Europe, it remains focused on achieving regulatory approval for a spot Solana ETF in the U.S. The company has already made strides in this direction by registering a statutory trust in Delaware, signaling its commitment to navigating the regulatory hurdles posed by the U.S. Securities and Exchange Commission. Industry experts are optimistic about the eventual approval of a U.S.-based Solana ETF. Matthew Sigel, head of digital asset research at VanEck, has forecasted that approval could happen as early as the end of 2025. If realized, such a milestone would open up new opportunities for U.S. investors to gain regulated exposure to Solana.
Bitwise’s emphasis on Solana is not without reason. Solana has rapidly become one of the most exciting blockchain ecosystems, attracting developers and institutional investors alike. According to a recent report by Electric Capital, Solana surpassed Ethereum in onboarding new developers for the first time since 2016. Out of 39,148 developers who entered the blockchain space in 2024, an impressive 7,625 chose Solana as their first platform, compared to 6,456 for Ethereum. The report highlights Solana’s growing appeal due to its fast transaction speeds, low costs, and robust developer tools. This momentum has also translated into increased institutional interest, with Solana-based decentralized applications (DApps) securing $173 million in funding across 29 deals in Q3 2024 alone.
Bitwise’s latest move with BSOL underscores its commitment to innovation and adaptability in a rapidly evolving crypto market. By offering competitive yields and low fees, BSOL not only enhances investor access to Solana staking but also strengthens Bitwise’s position in the European market. As the company awaits U.S. regulatory approval for its Solana ETF, its strategic expansion in Europe and its focus on high-growth blockchain ecosystems like Solana signal a promising future. With a strong track record and growing portfolio, Bitwise is well-positioned to meet the needs of both retail and institutional investors seeking exposure to the next generation of blockchain technology.
