The ETP, which trades under the ticker BSOL, comes with a unique advantage for investors: staking rewards.
Bitwise has partnered with Marinade, a Solana staking firm, to provide these rewards. This could potentially attract more investors seeking yield from their Solana holdings.
Bitwise Expands Solana Presence with Staking ETP in Europe
This move follows closely on the heels of Bitwise’s announcement to list a Solana ETF in the United States. By registering a statutory trust in Delaware, Bitwise signaled its intention to expand its Solana presence in the US. The company’s new European product gives them the chance to refine their Solana staking infrastructure, which could play a critical role in offering staking rewards for the upcoming US spot SOL ETF.
BREAKING: This morning, the Bitwise Solana Staking ETP (Ticker: BSOL, ISIN: DE000A4A59D2) has officially been listed on Xetra.
BSOL is designed to offer the best possible outcomes for investors looking to access Solana’s total return profile through staking:
Competitive… pic.twitter.com/URcYZ5YaNH
— Bitwise Europe (formerly ETC Group) (@Bitwise_Europe) December 18, 2024
In comparison, Bitwise’s earlier Solana ETP, acquired through its purchase of London-based ETC Group’s ESOL product, holds $24 million in assets but does not offer staking rewards—one of the key factors that make BSOL appealing to investors today.
Bitwise’s BSOL Offers Higher Rewards and Lower Fees
Solana’s staking rewards come from the network’s issuance to validators who run its blockchain software. These validators distribute rewards to those who stake their SOL, with the current annual reward rate around 8%, more than double the average Ethereum staking yield. However, not all Solana ETP issuers pass on the full reward. 21Shares, the fifth-largest crypto ETP in Europe, offers a 5.49% yield, while Bitwise’s BSOL will pay out 6.48% annually, with a lower management fee of 0.85%, compared to 21Shares’ 2.5%.
Bitwise Asset Management has launched a #Solana staking exchange-traded product (ETP) in Europe, trading under the ticker $BSOL.
BSOL offers investors an annual percentage yield (APY) of approximately 6.48% and carries a management fee of 0.85%, positioning it competitively… pic.twitter.com/ShSvFNmSXo
— Satoshi Talks (@Satoshi_Talks) December 18, 2024
This new product provides a competitive edge for Bitwise, making it a more attractive option for Solana investors looking to earn staking rewards. As US investors await more staking opportunities, Bitwise’s collaboration with Marinade could signal the future of Solana staking in the US market.
For now, none of the current US Solana ETFs include staking rewards, but that could change, especially with Marinade hiring banking executive Hadley Stern as its Chief Commercial Officer to help meet the growing demand from institutional investors.
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