Bitwise is weighing a plan to tokenize its Solana staking ETF through a partnership with Superstate, which would enable fund shares to settle on-chain rather than through traditional clearing systems. The arrangement remains subject to regulatory approval and has no confirmed launch date.
Superstate operates as a registered transfer agency under SEC oversight. The tokenization would allow ETF shares to move directly across blockchain networks instead of through the standard T+2 settlement cycle that now governs traditional funds. Bitwise's Solana staking ETF, ticker BSOL, absorbed $8.83 million in inflows on Monday, August 10, capturing nearly all capital that entered U.S. spot SOL staking ETFs that day.
Tokenized ETF shares would let institutional and retail holders redeem or trade shares on decentralized exchanges or directly across wallets, compressing settlement timelines and reducing operational friction. A handful of asset managers have begun exploring similar structures, though few have launched live products.
Bitwise's staking ETF product tracks Solana validators and distributes SOL rewards to shareholders. The fund has grown to approximately $2.8 billion in assets under management since its launch in March 2024. Solana staking yields currently run between 8 and 10 percent annually, according to on-chain data.
Bitwise and Superstate are moving forward with tokenization plans even before regulatory clarity solidifies around tokenized fund structures. The SEC has not yet published final guidance on whether or how tokenized ETFs will be overseen, though recent statements from agency officials have not opposed the concept. Other asset managers, including BlackRock and Fidelity, have explored similar tokenization frameworks in parallel.
Bitwise captured all $8.83 million of Monday's inflows into spot SOL staking ETFs, meaning the fund holds a 100 percent market share of that day's category flows. Whether tokenization drives material new adoption or primarily affects existing holders' settlement preferences remains an open question. The number that decides adoption is whether Bitwise and Superstate complete SEC approval and launch the tokenized version within the next 12 months.
