Crypto index fund manager Bitwise has introduced a new Solana staking exchange-traded product (ETP) in Europe under the ticker BSOL, offering competitive rewards and low fees. The launch comes as Bitwise awaits regulatory approval for its Solana exchange-traded fund (ETF) in the United States.
BSOL Debuts on Frankfurt’s Xetra Platform
In a December 18 announcement, Bitwise revealed that its Solana (SOL)-based staking ETP is now listed on the Frankfurt Stock Exchange’s Xetra trading venue. The launch was made possible through a partnership with Marinade, a self-custodial automation tool.
The BSOL staking ETP offers an attractive annual percentage yield (APY) of 6.48%, which outpaces competitors like 21Shares, whose Solana staking product provides a 5.49% APY.
Competitive Fees to Challenge Rivals
BSOL also sets itself apart with its low management fee of 0.85%, significantly undercutting 21Shares’ 2.5% fee. This aggressive pricing positions Bitwise as a strong competitor in the European market.
Bitwise Expands in Europe While Awaiting US Approval
This new product builds on Bitwise’s earlier European launch of ESOL, its first Solana ETP, which debuted in August following its acquisition of the ETC Group. Unlike ESOL, BSOL includes staking rewards, filling a gap in the company’s product offerings.
In the United States, Bitwise has filed regulatory paperwork for a spot Solana ETF under a statutory trust registered in Delaware. The proposed ETF still requires approval from the US Securities and Exchange Commission (SEC), which has been slow to greenlight spot crypto ETFs.
Optimism for Future Crypto ETF Approvals
Despite the regulatory delays in the US, industry experts remain optimistic about the approval of Solana-focused ETFs. VanEck’s head of digital asset research, Matthew Sigel, recently stated that the likelihood of US approval for a spot Solana ETF by the end of 2025 is “overwhelmingly high.”
Bitwise executives share a bullish outlook. Investment Chief Matt Hougan and Research Head Ryan Rasmussen predict that Bitcoin could reach $200,000 by 2025, with its market cap potentially surpassing gold’s $18 trillion valuation by 2029. They also expect several major crypto companies, including Circle and Kraken, to go public in the same timeframe.
A Growing Presence in the European Market
The acquisition of the ETC Group earlier this year expanded Bitwise’s portfolio to include nine European-listed crypto ETPs, increasing its total assets under management to over $4.5 billion. The ESOL product alone currently manages $24 million in assets.
With BSOL, Bitwise aims to further solidify its position in Europe’s competitive crypto investment market while continuing its push for regulatory approval in the US.
