Bitwise has launched a new Solana staking exchange-traded product (ETP) in Europe, sold under the ticker BSOL. The product gives investors a competitive annual percentage yield (APY) of 6.48%. With U.S. regulators still debating whether to clear an exchange-traded fund (ETF) for the Solana cryptocurrency, the move announced on December 17 puts Bitwise in pole position to be a big player in the European market.
Furthermore, while this BSOL staking ETP is competitive with other entrants like 21Shares, which offer a 5.49% APY (see 21Shares), the management fee of 0.85% is notably lower than 21Shares’ industry standard 2.5%. Conceived with Marinade, a self-custodial automation tool, the product matches Bitwise’s ardent avocation towards creating exceptional experiences and lower-cost crypto investment solutions.
This marks another launch for Bitwise, alongside the bitDigital platform, which debuted at the start of August with bitDigital ETP, based on Solana. However, BSOL, like other staking coins, will add staking rewards to boost investor returns, a feature not found in ESOL.
Bitwise Expands Solana Staking With New BSOL Launch
Bitwise CEO and co-founder Hunter Horsley hailed Solana as a ‘rising star asset’ in the space, adding, “We are pleased to launch BSOL, the third staking ETP that we have launched this year.” The company launched the Aptos staking ETP in November and the Ethereum staking ETP in February earlier this year.
Bitwise’s European expansion is part of the firm’s push for full approval of a spot Solana ETF in the United States. Last November, the company filed a statutory trust in Delaware, an important step toward filing with the U.S. Securities and Exchange Commission (SEC). VanEck’s Matthew Sigel and other industry experts expect the SEC to greenlight a U.S. Solana ETF by the end of 2025.
https://twitter.com/Bitwise_Europe/status/1869313373789102489
The BSOL addition strengthens Bitwise’s crypto ETP portfolio, now managing $4.5 billion in assets. At the same time, ESOL has just $24 million in assets, underscoring the growing appetite for Solana-based products and proving that Solana has already come a long way.
Solana is gaining traction, and Bitwise is focusing on that blockchain. A new report from Electric Capital has found that Solana has drawn in more new developers than Ethereum for the first time since 2016. 65% of the 7,625 new developers in 2024 chose Solana as their first blockchain, against 64% of 6,456 who chose Ethereum.
The report points out Solana’s appeal to developers and institutions alike. In the third quarter of 2024, 29 rounds raised $173 million in decentralized apps (DApps) on Solana, as institutional interest in these shows no sign of slowing.
Bitwise executives remain positive about the crypto market overall. Chief Investment Officer Matt Hougan and Head of Research Ryan Rasmussen predict Bitcoin could hit $200,000 by 2025 and overtake gold’s $18 trillion market cap by 2029. The predictions give the firm confidence in the sector’s future as it seeks to navigate regulatory hurdles in the U.S.
Bitwise is looking to capitalize on Solana’s growing popularity by expanding its European presence with BSOL. The launch solidifies the company’s position as a crypto ETP innovation leader as the company awaits U.S. regulatory approval.
