CryptoIntelligence
2024-12-18 11:34:17

Bitwise Launches Solana Staking ETP in Europe Amid US Approval Wait

Crypto index fund manager Bitwise has introduced a Solana staking exchange-traded product (ETP) in Europe under the ticker BSOL, as it awaits regulatory approval for its Solana exchange-traded fund (ETF) in the United States. According to a Dec. 18 announcement, the Solana (SOL)-based staking ETP has been listed on the Frankfurt Stock Exchange’s Xetra trading venue in partnership with Marinade, a self-custodial automation tool. At the time of publication, Bitwise had not responded to Cointelegraph’s request for additional details about the partnership. The new ETP offers an annual percentage yield (APY) of 6.48% for stakers, surpassing European competitors like 21Shares, which provides an APY of 5.49%. Competitive Fees to Challenge Rivals BSOL’s management fee is set at 0.85%, significantly undercutting 21Shares’ 2.5% fee. In November, Bitwise registered a statutory trust in Delaware for its proposed spot Solana ETF, though it still awaits further regulatory filings with the U.S. Securities and Exchange Commission (SEC). Bridging Gaps in Solana ETPs Bitwise’s first Solana ETP in Europe, ESOL, debuted in August following its acquisition of ETC Group. While ESOL lacked staking rewards, BSOL integrates this feature, addressing a key gap in the market. The acquisition also added nine European-listed crypto ETPs to Bitwise’s portfolio, boosting its assets under management to over $4.5 billion. Currently, ESOL holds $24 million in assets under management. Bullish Outlook on Crypto ETFs VanEck’s head of digital asset research, Matthew Sigel, predicts a high likelihood of U.S. approval for a spot Solana ETF by the end of 2025. Bitwise executives Matt Hougan and Ryan Rasmussen recently forecast that Bitcoin could hit $200,000 or more by the end of 2025 and potentially surpass gold’s $18 trillion market cap by 2029. They also expect at least five “crypto unicorns,” such as Circle and Kraken, to go public in 2025.

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