Bitwise and Superstate are investigating how to tokenize the Bitwise Solana Staking ETF (BSOL) pending regulatory approval, according to an announcement dated August 13, 2026. The two firms will examine the technical and legal requirements to issue the fund as a blockchain-native security rather than a traditional registered fund.
Superstate, a blockchain infrastructure firm backed by Blockchain Capital and others, builds platforms for tokenized asset issuance. Bitwise manages roughly $7 billion in assets and operates spot Bitcoin and Ether ETFs alongside its Solana staking product. Tokenizing an ETF would move settlement to-chain and eliminate custodial intermediaries, though the path requires Securities and Exchange Commission no-action relief or a formal rule change.
The announcement does not specify a blockchain layer, timeline, or commitment date. Bitwise described the effort as an exploration of tokenization capability subject to legal and regulatory requirements. The firm said other ETFs may pursue similar structures, though no partners beyond Superstate were named.
Tokenized securities have gained institutional traction this year. Invesco launched a private blockchain-based Ethereum staking product in July, and the SEC has permitted tokenization under existing frameworks. Traditional custodians, including Fidelity and BNY Mellon, have begun settling securities on blockchains for institutional clients.
Bitwise's BSOL tracks Solana staking yields and has drawn inflows as Solana network validators commanded higher rewards than Bitcoin or Ether staking. A tokenized version would allow investors to hold the fund directly on the Solana blockchain, potentially reducing fee drag and enabling composability with Solana-native applications.
If regulatory approval clears, Bitwise would be among the first to tokenize a major staking ETF. The number to watch is whether the SEC issues no-action relief for this structure within 12 months; without it, the tokenization effort remains indefinitely paused.
