Market News

Solana's Staking ETP Debuts in Europe Amid Anticipation for US ETF Approval

Crypto index fund manager Bitwise has launched a Solana staking exchange-traded product (ETP) named BSOL in Europe, offering a competitive annual percentage yield (APY) of 6.48%.

This new financial product, which outperforms similar products like those from 21Shares, was developed in partnership with Marinade and features a management fee of only 0.85%.

Bitwise continues its expansion in Europe with BSOL, following the acquisition of nine European-listed crypto ETPs from the ETC Group and the introduction of ESOL, which does not offer staking rewards.

BSOL, however, incorporates this feature, enhancing its appeal by offering investors the total return profile of Solana through staking.

Hunter Horsley, CEO and Co-Founder of Bitwise, highlighted Solana's growing prominence in the crypto space and expressed enthusiasm for this third staking ETP launched in the year.

Meanwhile, Bitwise is actively seeking U.S. regulatory approval for a Solana-based exchange-traded fund (ETF), a process that has included registering a statutory trust in Delaware.

Industry insiders, including VanEck's Matthew Sigel, are optimistic about the approval of a U.S. Solana ETF by the end of 2025.

This optimism is backed by a significant increase in the number of developers choosing Solana for blockchain applications, with recent data showing Solana attracting more new developers than Ethereum.

The shift towards Solana is further evidenced by a rebound in institutional investment in Solana-based decentralized applications, which saw $173 million across 29 funding rounds in the third quarter of 2024.

These developments underscore Bitwise's strategy to broaden its crypto ETP offerings, now managing over $4.5 billion in assets, with BSOL positioned as a pivotal component in this growth.