Asset manager Bitwise has launched a new product for investors in the European market, providing access to Solana staking. The product is available under the ticker BSOL and offers an annual yield of 6.48%.
Expanding Bitwise's Reach in Europe
The launch of BSOL follows Bitwise’s acquisition of London-based ETC Group, which manages $24 million in assets. This strategic move helps Bitwise establish a foothold in a market eager for crypto-staking opportunities. To ensure a reliable and secure staking experience, Bitwise has chosen Marinade as its staking provider, a recognized player in the Solana ecosystem known for its focus on decentralization and efficiency. Although typical Solana staking rewards offer an annual yield of approximately 8%, Bitwise opted for a 6.48% rate to maintain operational and security standards.
Bridging Staking and ETFs
The introduction of BSOL comes shortly after Bitwise registered a Solana ETF entity in Delaware, signaling its ambition to expand its offerings. While current U.S. regulations prevent ETFs from including staking rewards, Bitwise's move to build out its SOL staking infrastructure could pave the way for future innovations. Some analysts believe that under a Paul Atkins-led SEC, there’s potential for changes to securities laws, allowing ETFs to include staking rewards. If that happens, Bitwise would already have the necessary infrastructure in place to capitalize on this shift.
Competition in Solana ETF Landscape
Bitwise is not alone in targeting Solana ETF and staking products. VanEck, 21Shares, and Canari Capital are all actively working on similar offerings. For instance, VanEck anticipates launching a Solana ETF in the U.S. by 2025.
With the launch of BSOL, Bitwise takes an important step in strengthening its position in the European crypto asset market. This not only opens up new opportunities for investors but also highlights the growing interest in Solana staking.
