Bitwise Asset Management has partnered with tokenization specialist Superstate to explore allowing investors to hold shares of selected Bitwise funds in tokenized form, with the Bitwise Solana Staking ETF (NYSE Arca: BSOL) expected to be the first candidate.
The structure would leave the underlying fund economics and investor rights unchanged. Shares would still be bought through existing brokerage channels at the same net asset value. The only difference is whether ownership is recorded through the traditional book-entry system at The Depository Trust Company or as a blockchain-based token administered through Superstate’s transfer-agency infrastructure. Tokenized shares would not be freely transferable outside that recordkeeping environment.
Bitwise stressed that the tokenized option is not guaranteed and depends on meeting legal and regulatory requirements. It also noted no confirmed timeline. The firm manages roughly $9 billion in client assets across more than 70 investment products.
As of August 12, BSOL held about 8.19 million SOL worth approximately $622.8 million in net assets, according to the report. The ETF stakes essentially all its Solana through Bitwise's validator infrastructure, targeting rewards that have historically averaged around 7%, with rewards reinvested to compound in the fund’s net asset value.
Superstate already operates tokenized funds such as USTB and USCC and has made its FundOS platform available to outside asset managers. Bitwise said the exploration reflects a broader trend of traditional asset managers testing blockchain-based recordkeeping while keeping regulated ETF wrappers intact. BSOL had a record-setting launch in October 2025, attracting $65 million on its first day and $72 million on its second, according to Bloomberg analyst Eric Balchunas.
Market participants view the initiative as a conservative, compliance-focused step toward tokenization, with success depending on regulatory clarity, operational readiness, and investor demand for dual holding options.
