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Given the delay in the approval of its Solana ETF in the United States, Bitwise has taken a strategic step towards Europe. The fund manager has launched BSOL, a Solana staking ETP, giving European investors direct access to the rewards of this popular Blockchain. This move positions Bitwise as a pioneer in Solana’s product offering in the Old Continent, taking advantage of a market increasingly receptive to cryptocurrencies.
In fact, this development comes less than a month after Bitwise announced its plans to list a Solana ETF in the United States by registering a statutory trust in Delaware.
On this fact, VanEck’s head of digital asset research, Matthew Sigel, predicts high approval probabilities by the end of 2025.
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New Bitwise Solana Staking ETP Arrives in Europe
According to a report from Blockworks, on Tuesday, December 17, Bitwise launched its Solana (SOL)-based Cryptocurrency ETP in Europe.
The BSOL ETP has been listed on the Xetra trading system of the Frankfurt Stock Exchange in partnership with Marinade, a self-custody automation tool. This collaboration aims to provide a seamless staking experience for investors, enhancing the overall appeal of the product.
For our European investors:
This morning, the Bitwise Solana Staking ETP (BSOL) launched on Xetra.
The third Bitwise staking ETP of 2024, BSOL is designed to provide institutional-grade total return exposure to Solana’s native cryptocurrency, SOL—one of the top crypto assets… pic.twitter.com/E7de95z0p7
— Bitwise (@BitwiseInvest) December 18, 2024
The new ETP offers an annual percentage yield (APY) of 6.48% for stakers, surpassing its European competitors such as 21Shares, which offers 5.49%.
By the way, BSOL’s management fee 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 an attractive option for investors seeking exposure to Solana staking rewards.
Cross-border expansion: Consolidating presence in Europe
Bitwise’s launch of BSOL follows the introduction of its first Solana ETP in Europe, ESOL, which debuted in August after the company acquired nine European-listed cryptocurrency ETPs from ETC Group.
Unlike ESOL which does not support staking rewards, BSOL aims to fill this gap by incorporating staking feature.
In this regard, Hunter Horsley, CEO of Bitwise, stated: “At Bitwise, we continue to expand our range of products to offer investors access to the opportunities offered by the cryptocurrency market through high-quality vehicles they can trust. . Solana is one of the rising star assets in this sector and we are delighted to launch BSOL, the third staking ETP we launched this year, following the Ethereum and Aptos staking ETPs in February and November respectively.”
Finally, BSOL’s arrival in Europe will not only expand investment options for institutional investors, but could also catalyze a new growth cycle for Solana. With this strategic alliance, Solana is positioned as an increasingly attractive platform for developers and users, consolidating its leadership in the Blockchain ecosystem.
I say goodbye with this phrase from Lori Taylor: “Our digital future is to allow better productivity and make decisions to enjoy a better quality of life.”
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