Bitwise Launches Solana Staking ETP in Europe as US Approval Remains Pending

Bitwise, a leading crypto index fund manager, has introduced a Solana staking exchange-traded product (ETP) in Europe under the ticker BSOL. This move comes as the company waits for regulatory approval to launch a similar Solana exchange-traded fund (ETF) in the United States.

The new ETP is listed on the Frankfurt Stock Exchange’s Xetra trading platform and is developed in partnership with Marinade, a self-custodial automation tool. Bitwise has not yet provided further details about this collaboration.

Bitwise High-Yield Staking and Competitive Fees

The BSOL ETP offers a 6.48% annual percentage yield (APY) for stakers, positioning it ahead of competitors like 21Shares, which offers a 5.49% APY. Alongside this, BSOL boasts a low management fee of 0.85%, significantly undercutting 21Shares’ 2.5% fee.

BSOL builds on Bitwise’s first European Solana ETP, ESOL, which debuted in August after the company’s acquisition of the ETC Group. Unlike ESOL, which lacks staking rewards, BSOL integrates this feature, addressing a critical demand in the market.

US ETF Approvals Expected by 2025

In the United States, Bitwise continues to work toward launching a spot Solana ETF. The company registered a statutory trust in Delaware for this product in November, though additional filings with the U.S. Securities and Exchange Commission (SEC) are required.

Despite the delays, optimism remains high. VanEck’s head of digital asset research, Matthew Sigel, predicts that U.S. approval for spot Solana ETFs is “overwhelmingly likely” by the end of 2025.

Bitwise’s confidence in the future of crypto ETFs is further underscored by its growing portfolio, which now includes nine European-listed crypto ETPs and over $4.5 billion in assets under management. The ESOL product alone holds $24 million in assets.

Bitwise’s leadership also expects significant developments in the crypto industry by 2025. The company anticipates that at least five crypto unicorns, including Circle and Kraken, will go public, signaling a transformative period for the sector.