TL;DR
Bitwise has launched a Solana staking ETP in Europe under the ticker BSOL, offering an attractive APY of 6.48%, surpassing competitors like 21Shares.
The BSOL ETP is listed on the Frankfurt Stock Exchange’s Xetra trading venue, with a management fee of 0.85%, and aims to provide a seamless staking experience.
This launch follows Bitwise’s introduction of its first Solana ETP in Europe and is part of a broader strategy to enhance product offerings and increase assets under management, now exceeding $4.5 billion.
Crypto index fund manager Bitwise has made a significant move in the European market by launching a Solana staking ETP under the ticker BSOL. This new product offers investors an attractive APY of 6.48%, surpassing similar offerings from competitors like 21Shares, which provides a 5.49% APY. The launch comes as Bitwise continues to await regulatory approval for its Solana ETF.
Details of the ETP
The BSOL ETP has been listed on the Frankfurt Stock Exchange’s Xetra trading venue in partnership with Marinade, a self-custodial automation tool. This collaboration aims to provide a seamless staking experience for investors, enhancing the overall appeal of the product.
The management fee for BSOL is set at a competitive 0.85%, significantly lower than 21Shares’ 2.5% fee. This cost efficiency, combined with the high APY, positions BSOL as a compelling option for investors seeking exposure to Solana’s staking rewards.
Strategic Expansion in Europe
Bitwise’s launch of BSOL follows the introduction of its first Solana ETP in Europe, ESOL, which debuted in August after the firm acquired nine European-listed crypto ETPs from the ETC Group. Unlike ESOL, which does not support staking rewards, BSOL aims to fill this gap by incorporating the staking feature.
This strategic expansion in Europe is part of Bitwise’s broader effort to enhance its product offerings and increase its assets under management, which now exceed $4.5 billion.
Future Prospects and Market Impact
The introduction of BSOL is seen as a precursor to similar offerings in the US market, pending regulatory changes. Industry insiders remain optimistic about the potential for a US-approved Solana ETF, with VanEck’s head of digital asset research, Matthew Sigel, predicting high chances of approval by the end of 2025.
The addition of BSOL is expected to attract more institutional investors to Solana, further solidifying its position as a leading asset in the cryptocurrency space.
Bitwise’s launch of the Solana-based staking ETP in Europe marks a significant milestone in the company’s expansion strategy. With competitive rewards, low fees, and a strong partnership with Marinade, BSOL is poised to become a popular choice among investors.
