Bitwise's Solana ETF Takes Tokenization Leap

Bitwise Asset Management has announced a partnership with Superstate to develop tokenized shares of its funds, starting with the Solana Staking ETF (BSOL). The tokenization process would allow investors to hold their shares in blockchain-based tokens, maintained through Superstate's transfer-agency infrastructure. However, it's essential to note that this is not a crypto-native product; instead, it's a new settlement rail for existing funds within the regulated ETF wrapper.

BSOL has already seen significant success since its launch in October 2025, raising $65 million on its opening day and $72 million on its second. The fund holds approximately $622.8 million in net assets as of August 12, with around 8.19 million SOL staked through Bitwise's own validator infrastructure.

Tokenization would not change the rights attached to share ownership but would merely record it differently. Investors would still buy and hold shares through traditional channels at the same net asset value. The new choice is whether those shares sit in traditional book-entry form or as a blockchain-based token.