Bitwise Explores Tokenized Shares with Superstate
Crypto asset manager Bitwise Asset Management has partnered with fintech firm Superstate to explore tokenizing shares of certain funds. The companies announced their arrangement on August 13, with the Bitwise Solana Staking ETF identified as the most likely first candidate.
Bitwise cautioned that the project is still in development and there's 'no assurance' the tokenized version will launch. The firm described the partnership as an exploration of what a tokenization framework would require to become operational.
The core mechanics of the proposal would leave investor rights untouched, changing only how share ownership is recorded, not the underlying entitlements. Shareholders would choose between holding shares in traditional book-entry form through The Depository Trust Company or in tokenized form on a blockchain, maintained through Superstate's transfer agency infrastructure.
Bitwise manages over $9 billion in client assets across more than 70 investment products and has partnered with Superstate to bring securities on-chain. However, the announcement follows a difficult week for Bitwise, which confirmed it had cut 14% of its global workforce, reducing its total headcount to 155.