2024-12-20 23:43 |
Crypto asset manager Bitwise has launched a Solana staking exchange-traded product (ETP) in Europe, while it awaits approval in the United States for its Solana exchange-traded fund (ETF) offering.
Bitwise’s new Solana Staking ETP with the stock ticker BSOL will trade in Germany on the Frankfurt Stock Exchange’s Xetra trading venue in collaboration with Marinade, a self-custodial automation tool. According to the firm, the fund allows investors to earn greater returns compared to other SOL products, as it utilizes a staking mechanism.
Staking refers to the process of locking up coins to help keep a crypto network running. Proof-of-stake networks like Solana reward users who pledge their coins to the network by providing yield in the form of additional tokens.
Bitwise’s new ETP provides an annual percentage yield (APY) of 6.48% for stakers, surpassing its European competitors such as 21Shares, which offers 5.49%.
The BSOL fund will give investors a “low-cost, liquid, and transparent investment vehicle for staked SOL exposure,” Bitwise said in a Wednesday statement.
Crypto Industry Bullish On ETF Approvals In 2025Several renowned asset managers in the United States, including Canary Capital, Grayscale, 21Shares, and VanEck have already filed paperwork with the Securities and Exchange Commission to introduce spot Solana ETFs. Such investment products would give investors access to shares that directly track the price of the sixth-largest cryptocurrency. In November, Bitwise itself also took the first step toward a spot SOL ETF.
However, staking is still a contentious topic in the US as the SEC has unleashed enforcement actions against crypto exchanges for allegedly breaking federal securities laws with staking products. The Wall Street regulator has also previously classified SOL as an unregistered security.
That being said, with President-elect Donald Trump set to return to the Oval Office on a crypto-friendly platform and current SEC chairman Gary Gensler stepping down as of January 20, crypto community members are increasingly optimistic that more crypto spot ETFs could be approved in the United States. This is one of the catalysts that propelled SOL to a new historic high price in November after Trump’s election victory.
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