Bitwise Asset Management announced on August 14, 2026 a partnership with tokenization specialist Superstate to explore tokenizing shares of its Bitwise Solana Staking ETF (BSOL). Subject to regulatory approval, investors would be able to choose between a traditional DTC book-entry format and a blockchain-based tokenized record, with identical economic and voting rights in both cases.
🔑 Key takeaways
- BSOL would become the first Bitwise ETF to offer tokenized shares on-chain
- Economic, voting and distribution rights remain identical across both custody formats
- The fund stakes all its SOL through Bitwise Onchain Solutions, powered by validator Helius
- Average staking yield above 7% per year, after a 6% fee on generated rewards
- Management fee of 0.20% annually, waived to 0% on the first $1.5B for three months
A dual custody model with Superstate
Under the framework still in development, shareholders would be offered two parallel custody modes. The classic route relies on book-entry registration with The Depository Trust Company (DTC), while the tokenized route runs through Superstate’s digital transfer-agent infrastructure. Superstate operates the Opening Bell platform, designed for tokenized equities, and FundOS, aimed at asset managers launching tokenized funds.
Tokenized shares would confer the same rights as traditional shares, including economic, voting and distribution rights. However, these tokenized shares would not be freely transferable outside the dedicated registration system, a constraint designed to preserve the integrity of the shareholder register and limit operational frictions.
The availability of this feature remains subject to the satisfaction of applicable legal and regulatory requirements. Bitwise stated it could not guarantee whether or when the option would become available for BSOL or any other Bitwise fund. The S-1 amendment was filed with the SEC on August 13, 2026, one day before the public announcement.
BSOL, the first US 100% Solana staking ETP
Launched on October 27, 2025 by Bitwise Asset Management and listed on the New York Stock Exchange under the ticker BSOL the following day, BSOL is the first US ETP (Exchange-Traded Product) to provide direct 100% exposure to SOL, combined with an integrated staking mechanism.
Bitwise intends to stake all of the fund’s Solana holdings through Bitwise Onchain Solutions, an infrastructure powered by Helius, a leading Solana validator managing more than 13 million SOL staked. The strategy aims to enable institutional and retail investors to participate in the network’s staking rewards, estimated at more than 7% per year on average.
« We believe Solana represents one of the most exciting crypto investment opportunities available today. Its ability to process high transaction volumes with great efficiency and low cost makes it a serious contender in the stablecoin and tokenization markets. Moreover, Solana generates more revenue than any other blockchain, making it an attractive proposition for investors focused on on-chain fundamentals. »
Matt Hougan, Chief Investment Officer at Bitwise
Hunter Horsley, CEO of Bitwise, called the BSOL launch a major milestone: « The launch of BSOL today marks another step forward, opening the door for investors to participate in one of the most used and fastest-growing technology platforms in the ecosystem, Solana. » Mert Mumtaz, CEO and co-founder of Helius, stressed the institutional dimension of the project: « This partnership with Bitwise’s Solana Staking ETF allows traditional investors to hold a share of the innovation happening every day on Solana. »
Fee structure and market mechanics
The fund’s fee structure comprises two distinct components. A single management fee of 0.20% per year applies to Solana holdings, on top of staking fees equal to 6% of generated rewards. As a launch promotion, the management fee is waived to 0% on the first $1.5 billion of assets for the first three months.
| Component | Detail |
|---|---|
| Exposure | 100% Solana (SOL) with integrated staking |
| Listing | NYSE, ticker BSOL |
| Launch date | October 27, 2025 |
| Management fee | 0.20% per year |
| Staking fee | 6% of rewards |
| Launch waiver | 0% on first $1.5B for three months |
| Basket size | 10,000 shares (creation/redemption) |
| Estimated staking yield | Above 7% per year on average |
| Staking validator | Helius via Bitwise Onchain Solutions |
Each creation or redemption of shares happens in blocks of 10,000 shares, called Baskets, and only through authorized participants. This in-kind creation/redemption mechanism, standard for US ETFs, keeps the share price aligned with the fund’s net asset value and limits the gap with the SOL spot market.
A regulatory framework still taking shape
The partnership with Superstate is part of a broader move toward securities tokenization. Galaxy has already taken this step by tokenizing its Class A common shares on the Solana blockchain via Superstate, a historical first for a US-listed equity on Nasdaq. Galaxy Ventures also holds a stake in Superstate, which strengthens the strategic alignment between the two players and lends credibility to the Opening Bell platform among traditional issuers.
From a legal standpoint, the US framework had not previously authorized the tokenization of shares of publicly listed companies. The obstacles came more from the regulator than from the technology: existing rules on issuance, custody, settlement and reporting had not been adapted to the specifics of blockchains. The S-1 amendment filed by Bitwise with the SEC on August 13, 2026 specifies that the tokenized share option only changes the format of the register of record, not the class, rights or issuance status of the securities. No additional shares are registered under this amendment.
The preliminary prospectus still lists several significant risks: SOL price volatility, staking-related risks (loss of rewards, slashing penalties, operational uncertainties), risks tied to the tokenization infrastructure, asset custody and the evolving regulation of digital assets. The fund is also not registered under the Investment Company Act of 1940 and does not benefit from the same protections as registered ETFs and mutual funds.
Bitwise Asset Management currently manages around $9 billion in client assets and offers more than 70 investment products spanning ETFs, separate accounts, private funds, DeFi strategies and staking. The firm counts more than 5,500 private wealth teams, registered investment advisors, family offices and institutional investors among its clients, as well as 21 banks and broker-dealers.
Conclusion: tokenization enters the US ETF market
If BSOL’s tokenized share option is approved by the SEC, Bitwise would become one of the first major asset managers to offer simultaneously, for the same spot ETP, classic DTC custody and on-chain custody through a digital transfer agent. The operation would then serve as a real-world test for the entire industry, at a time when the convergence between traditional finance and blockchain infrastructure is gaining momentum. Catalysts to watch: an SEC green light before end-2026, adoption by other issuers (Fidelity, Franklin Templeton, Hashdex), and the possible extension of tokenization to other Bitwise funds, including those backed by Bitcoin and Ethereum. A successful rollout could reshape ETF distribution by attracting a new generation of crypto-native investors.
Sources
- The Block – Bitwise to tokenize Sol staking ETF with Superstate (August 14, 2026)
- Bitwise – Launch of BSOL, first spot Solana ETP in the US
- CryptoNews – Coverage of the Bitwise/Superstate partnership
- Galaxy – Tokenized GLXY research note
- Investing.com – Bitwise explores tokenized shares for Solana ETF with Superstate
- StockTitan – Bitwise Solana Staking ETF S-1 amendment SEC filing
This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
