Bitwise's Solana ETF Takes Tokenization Route with Superstate Partnership

Bitwise Asset Management has partnered with Superstate to develop tokenization capabilities for certain Bitwise funds, with its Solana Staking ETF as the first potential candidate. This means that shares of BSOL would be held in tokenized form on a blockchain-based recordkeeping system, rather than traditional book-entry format through the Depository Trust Company (DTC). However, investors would still buy and own the same shares of the same fund, with no change to their rights or net asset value.

The Solana Staking ETF, BSOL, currently holds around 8.19 million SOL worth approximately $622.8 million in net assets as of August 12. It continues to stake its full Solana position through Bitwise's own validator infrastructure for a roughly 7% reward rate. Superstate's existing funds, USTB and USCC, have already used this same infrastructure at an institutional scale.

The choice of BSOL as the first candidate is not random, having made a record-breaking debut in October 2025 with $65 million on its opening day and $72 million on its second. Tokenization would give Bitwise a new kind of differentiation to compete with other ETFs, such as Morgan Stanley's entry into the Solana staked-ETF category with lower fees.