Bitwise Solana ETF Gets Approval for Loans at 25% LTV

Bitwise's Solana Staking ETF has received approval from a major bank to be used as collateral for loans, marking another step in crypto's integration with mainstream finance. The bank will allow customers to borrow up to 25% of the value of their BSOL shares, providing access to cash without selling their position.

According to Bitwise co-founder and CEO Hunter Horsley, the unnamed bank has enabled clients to borrow against shares of the ETF under a maximum 25% loan-to-value ratio. This means that customers pledging $100,000 of BSOL could borrow up to $25,000.

The approval adds another use for listed crypto funds in the US, as investors can now gain access to cash using their BSOL shares as collateral. The bank's decision has been welcomed by Horsley, who sees it as another step in crypto's integration with established financial services.