Bitwise to Tokenize Solana Staking ETF Shares with Superstate

Bitwise plans to add blockchain registration for its Solana Staking ETF (BSOL) shares, allowing investors to choose between DTC or tokenized ownership.

The plan does not involve creating a new token or a separate class of shares; instead, it modifies how ownership of existing fund shares can be recorded.

BSOL to Retain Existing Shares While Adding Blockchain Registration

The proposed model functions more as an infrastructure upgrade for the ETF than the launch of a new crypto asset. Investors will continue to purchase the same BSOL shares through established channels, after which they can select their preferred method of ownership record.

One option remains the traditional route via The Depository Trust Company (DTC). The second option will allow shares to be recorded as tokenized positions on a blockchain through Superstate’s infrastructure.

Economic and legal rights to the fund remain identical in both scenarios. The tokenized version is not a derivative, a synthetic product, or a separate share class that merely tracks the BSOL price.

This distinction is vital to the structure. Superstate already employs a similar model for other products, where the same security can be held in either traditional or blockchain form.

How Tokenized ETF Shares Will Function

Superstate will provide the necessary infrastructure through its role as an SEC-registered transfer agent. This allows the blockchain to act as a formal component of the ownership registration system, rather than simply issuing an unofficial copy of the exchange-traded product on-chain.

However, this does not mean BSOL tokens will be freely transferable. Under the announced framework, tokenized shares cannot be moved outside the approved registration system, ensuring continued control over ownership and compliance with securities regulations.

Superstate’s technology utilizes permissioned addresses and a shareholder registry capable of tracking ownership across both traditional and blockchain-based positions. FundOS already enables managers to link this infrastructure with existing custodians, administrators, and other providers without dismantling the fund’s core structure.

Bitwise Already Utilizes This Model in Other Funds

This partnership is not starting from scratch. The Bitwise Crypto Carry Fund (USCC) already leverages Superstate’s infrastructure, allowing ownership to be recorded traditionally or across the Ethereum, Solana, and Plume networks.

The USCC manages approximately $139 million, with roughly 56% of its shares currently held via traditional registration, while the remainder is distributed across the three blockchains.

The primary difference for BSOL is the product’s market profile. It is an exchange-traded fund listed on the NYSE that provides exposure to Solana and includes staking rewards.

Should the project secure the necessary regulatory foundation, Bitwise will transition infrastructure previously used for private funds into a publicly traded product.

The company itself manages approximately $9 billion in client assets and offers over 70 investment products.

Why Bitwise is Tokenizing Shares Instead of the ETF Portfolio

The key to this model is separating the investment product from the infrastructure used to verify its ownership.

BSOL will not alter its investment strategy simply because a portion of its shares are held on a blockchain. Investors maintain exposure to the same fund, while tokenization specifically impacts the shareholder registry.

This approach allows a traditional security to utilize crypto market infrastructure without creating a parallel asset with its own economy. Superstate already supports tokenized funds and shares on Ethereum and Solana, using a system to restrict transfers to approved participants.

For Bitwise, this opens the door to applying the model to other funds. The company noted that BSOL is intended to be the first product in this initiative, with other ETFs potentially following suit.

As of now, no specific launch date has been set. Bitwise explicitly cautioned that the availability of tokenized ownership depends on applicable legal and regulatory requirements, and there is no guarantee when or if it will become available for BSOL.