Bitwise Asset Management announced the launch of the Solana Staking ETP under the ticker BSOL in Europe. This is part of the company's strategy to leverage Solana staking rewards amidst regulatory changes in the US.
Key Features of BSOL ETP
The Solana Staking ETP is a significant part of Bitwise's expansion in Europe. The company acquired the ESOL product when it bought the ETC Group, but it did not include staking rewards. Now, BSOL offers this feature, providing competitive rates at 6.48%, which is higher than the market average.
Comparison with Competitors
Bitwise is not the only company in the market with Solana staking products. VanEck and 21Shares have also launched their products in Europe. For example, VanEck established a partnership with Kiln, while 21Shares offers a 5.49% reward rate with a 2.5% management fee. Bitwise provides a 6.48% reward rate and a significantly lower annual management fee of 0.85%.
US Regulatory Challenges
While the Solana staking market in Europe is heating up, it is facing challenges in the US due to regulatory issues. Current laws do not allow staking rewards to be included in ETFs, but Bitwise continues to work towards launching such products in the future.
The launch of Bitwise's BSOL Solana Staking ETP reflects the growing interest in Solana staking in both Europe and the US. Companies are ready to expand their offerings as regulatory environments evolve.