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Bitwise expands its suite of crypto staking solutions with the launch of a solana staking exchange-traded product (ETP).
Solana ETP Launched in Europe While Bitwise U.S. Solana ETF Stalls
Bitwise, a crypto asset management firm has introduced a Solana staking exchange-traded product (ETP) in Europe with the ticker BSOL. This comes less than a month after Bitwise registered a statutory trust in Delaware, indicating its intention to float a Solana ETF in the U.S.
BSOL is a fully backed ETP issued in Germany that is intended to provide the highest staking returns, the lowest total cost of ownership, and superior performance. It offers investors a clear framework for performance assessment with its benchmark against the compass solana (SOL) monthly index.
Hunter Horsley, Bitwise CEO and Co-Founder spoke about the company’s expansion into Europe.
“At Bitwise, we continue expanding our product suite to provide investors with access to the opportunities in crypto. Solana is one of the rising star assets in the space, and we’re thrilled to be launching BSOL, the third staking ETP we are launching this year, after the Ethereum and Aptos staking ETPs.”
SOL issuance is the source of Solana staking incentives which the network distributes to validators in exchange for their blockchain usage. Validators give stakers these incentives so they can compete for staked SOL. The incentive rate for stakers is approximately 8% every year, according to solana compass.
Bitwise intends to pay investors 6.48% of the staking rewards on its BSOL ETP with a 0.85% management fee per year.
Bitwise’s total customer assets have surpassed $12 billion in 2024, demonstrating the company’s substantial expansion. BSOL is the second product to be released in Europe following Bitwise’s acquisition of top crypto asset management ETC Group.