Crypto index fund manager Bitwise has reportedly made its entry into the European market with the launch of a Solana staking exchange-traded product (ETP), trading under the ticker BSOL. Announced on December 17, this new offering comes with an annual percentage yield (APY) of 6.48%, surpassing its closest competitor, 21Shares, which provides a 5.49% APY for its staking products.
The Bitwise ETP is powered by Marinade, a self-custodial automation tool, ensuring seamless staking capabilities for investors. Aiming to carve a niche in the European market, Bitwise has set a highly competitive management fee of 0.85%, substantially lower than 21Shares’ 2.5%. With these features, BSOL appears poised to disrupt the existing landscape of Solana-based ETPs in Europe.
Strategic Moves Toward U.S. ETF Approval
While Bitwise strengthens its position in Europe, the firm has its sights set on the U.S. market. In November, Bitwise registered a statutory trust in Delaware as part of its groundwork for a proposed spot Solana ETF. However, approval from the Securities and Exchange Commission (SEC) is still pending.
Despite the regulatory hurdles in the U.S., optimism remains high. Matthew Sigel, VanEck’s head of digital asset research, recently predicted that the chances of a spot Solana ETF gaining approval in the U.S. are “overwhelmingly high” by the end of 2025.
Bitwise’s latest product, BSOL, fills a gap left by its earlier European Solana ETP, ESOL, which does not support staking rewards. The inclusion of staking functionality demonstrates Bitwise’s intent to offer products that provide both growth potential and passive income opportunities for investors.
Looking Ahead
Bitwise’s ambitions extend beyond the ETP market. The company’s leadership has expressed bullish forecasts for the broader crypto industry. Matt Hougan, Bitwise’s investment chief, and Ryan Rasmussen, head of research, anticipate that Bitcoin could surpass $200,000 by the end of 2025, with its market cap overtaking gold’s $18 trillion by 2029.
Additionally, the duo predicts major activity in the crypto IPO space, expecting at least five major players, including Circle and Kraken, to go public in 2025.
