Bitwise and Superstate to Explore Tokenizing BSOL Solana Staking ETF Shares On-Chain

Bitwise Asset Management and Superstate announced Thursday a partnership to develop the capability for shares of the Bitwise Solana Staking ETF (NYSE: BSOL) to be held on a blockchain. Bitwise expects BSOL to be the first fund in its lineup to offer the option; other Bitwise funds may eventually follow.

How On-Chain BSOL Shares Would Work

The arrangement does not create a new product. Investors would continue purchasing BSOL through existing channels and would then choose how those shares are held: in traditional book-entry form via the Depository Trust Company, or in tokenized form through Superstate's SEC-registered transfer agency infrastructure.

The companies say shares held either way carry "rights identical to shares held in book-entry form." What changes is the settlement record. On-chain ownership is recorded on a public blockchain through Superstate's infrastructure rather than in the centralized DTC clearing system. The one constraint is that tokenized shares would not be freely transferable outside Superstate's recordkeeping system: they remain within the allowlisted infrastructure rather than moving freely across wallets.

Superstate's Transfer Agency: FundOS and the Compliance Layer

Superstate operates two platforms relevant to this arrangement. FundOS handles compliant issuance, recordkeeping, direct investor registration, and on-chain market integration for asset managers launching tokenized funds. Opening Bell is its product for companies issuing tokenized equity. Both run through an SEC-registered transfer agency, the structural feature that makes on-chain ownership legally equivalent to traditional book-entry.

Superstate has been building this infrastructure on Solana through several prior arrangements. In July, Superstate's tokenized funds crossed $17M in active collateral on Kamino Finance KMNO$0.018-0.7%. The same month, Superstate launched KYC-gated AMM pools on Raydium RAY$0.619-2.3%, becoming the first compliance partner for permissioned on-chain trading on both Solana and Ethereum.

Regulatory Caveat: No Assurance, No Timeline

The announcement is explicit that availability of the tokenized share option for BSOL remains subject to applicable legal and regulatory requirements. There is "no assurance as to whether or when" the option will become available, for BSOL or for any other Bitwise fund. This is development of a capability, not a launch.

BSOL's Track Record and Bitwise's Scale

BSOL drew $267M in net inflows during the first half of 2026 and generated $17.7M in staking income over the same period, though its NAV return came in at -38.85% as SOL fell roughly 40% through H1. The ETF holds 100% direct exposure to Solana with staking rewards passed through to investors.

Bitwise manages $9 billion in client assets across more than 70 investment products, serving 5,500+ wealth management teams, registered investment advisors, family offices, and institutional investors across 21 banks and broker-dealers, the firm said.

The company recently cut its global headcount by 14% to 155 employees, The Block reported. CEO Hunter Horsley said the reductions would "further equip the firm for its ongoing growth."

On-Chain ETF Shares and Solana's Tokenized RWA Infrastructure

Superstate's existing Solana infrastructure (tokenized fund collateral on Kamino Finance and KYC-gated trading pools on Raydium) provides the compliance and settlement layer this type of product would need. A tokenized BSOL share option, if approved, would extend that infrastructure to a publicly listed ETF, a category that has not previously had an on-chain settlement option for investors.

The longer-term implication is composability. Superstate's tokenized fund holdings already function as borrowable collateral on Kamino. Tokenized ETF shares could, with additional regulatory clarity and protocol integration, follow the same path: held on-chain and eligible for DeFi lending. The infrastructure to support that is already running on the network; what is not settled yet is whether regulators will permit it for a listed fund.