Bitwise comes with the revolutionary ETP Solana: Solana staking

Bitwise comes with the revolutionary ETP Solana: Solana staking

Bitwise, the well-known crypto-index fund manager, has decided to enter the European market with a new product - Solana staking exchange-traded product (ETP) with BSOL ticker. The move comes at a time when Bitwise is awaiting approval for its Solana exchange-traded fund (ETF) in the United States, indicating that the European market is becoming a priority for this dynamic firm.

The BSOL ETP was officially listed on the Frankfurt Stock Exchange's Xetra trading system on 18 December, in partnership with staking automation technology provided by Marinade. The new product offers an attractive annual percentage yield (APY) of 6.48%, significantly higher than competitors such as 21Shares, which offers 5.49%.

One of the key factors in BSOL's success is its low fees. ETP management is charged a competitive 0.85%, which is significantly less than the 2.5% charged by 21Shares. In this way, Bitwise is trying to attract investors looking for bargains in cryptocurrencies.

While Bitwise awaits approval of its ETF in the U.S., experts like Matthew Sigel of VanEck express optimism about the likelihood of approval by the end of 2025. This positive outlook suggests that Bitwise is on the right track to expand its portfolio.

Bitwise also recently registered a statutory trust in Delaware for its proposed Solana spot ETF, which requires additional regulatory filings with the Securities and Exchange Commission. Their first Solana ETF in Europe, ESOL, debuted in August as a result of the ETC Group acquisition and now has $24 million in assets under management.

With the acquisition, Bitwise has acquired nine crypto ETPs listed in Europe, bringing its assets under management to more than $4.5 billion. Leading Bitwise analysts, including chief investment officer Matt Hougan and head of research Ryan Rasmussen, predict that at least five "crypto unicorns" could emerge on the exchange in 2025, including stablecoin issuer Circle and crypto exchange Kraken.

Looking ahead, Bitwise also expects that Bitcoin could surpass $200,000 by the end of 2025 and could surpass gold's $18 trillion market capitalization by 2029. This optimism and innovative approach to cryptocurrency investing gives Bitwise a strong position in a market that is rapidly evolving.

*This is not investment advice.

The Coingarage team