Key Takeaways
- • Bitwise Asset Management launched the Bitwise Solana Staking ETF (NYSE: BSOL), which Bitwise describes as the first U.S. ETP with 100% direct exposure to SOL.
- • BSOL carries a 0.20% expense ratio, which Bitwise states is lower than competing products as of October 28, 2025.
- • The fund offers investors exposure to SOL price movements plus staking rewards, with Bitwise citing an average 7% staking reward rate.
- • Helius, which manages more than 13 million staked SOL, is the exclusive staking provider for BSOL.
- • The product will offer in-kind creation and redemption and is not registered under the Investment Company Act of 1940, a distinction Bitwise flags as a material risk.
Summary
Bitwise Asset Management, which reports more than $15 billion in client assets, announced the launch of the Bitwise Solana Staking ETF (NYSE: BSOL) on October 28, 2025. Bitwise describes the fund as the first U.S. exchange-traded product with 100% direct exposure to Solana (SOL). BSOL joins a suite of more than 30 crypto investment products that Bitwise offers across the United States, the United Kingdom, and Europe. Bitwise CEO Hunter Horsley said investors value both growth potential and staking rewards, and that BSOL provides low-cost exposure to both.
According to the release, the fund's 0.20% expense ratio is lower than competing products as of October 28, 2025, though brokerage and commission fees may apply. The fund will offer in-kind creation and redemption. Bitwise cites Solana's network characteristics, including transaction confirmation in about 400 milliseconds, a median transaction fee of $0.001, and more than $2 billion in network revenue over the past year per Blockworks Data as of September 30, 2025. Bitwise also states that Solana holders can earn an average 7% staking reward, based on the annualized 90-day average as of October 22, 2025, with data from Helius.
Staking is central to the fund's design. Helius, Solana's validator and developer platform, is the exclusive staking provider for BSOL and manages more than 13 million staked SOL. Bitwise says the fund aims to maximize staking rewards and oversight by combining its in-house staking expertise with Helius's technology. Bitwise warns that the fund is not registered under the 1940 Act and therefore lacks the protections of registered ETFs and mutual funds. The filing outlines risks including SOL price volatility, liquidity constraints, regulatory uncertainty, blockchain technology risk, slashing penalties and other staking risks, and the possibility that staking activities could impair timely satisfaction of redemption orders. Bitwise Investment Advisers, LLC is the sponsor, and Foreside Fund Services, LLC is the marketing agent. The fund is nondiversified and holds a single asset, and it has a limited track record.
According to the release, the fund's 0.20% expense ratio is lower than competing products as of October 28, 2025, though brokerage and commission fees may apply. The fund will offer in-kind creation and redemption. Bitwise cites Solana's network characteristics, including transaction confirmation in about 400 milliseconds, a median transaction fee of $0.001, and more than $2 billion in network revenue over the past year per Blockworks Data as of September 30, 2025. Bitwise also states that Solana holders can earn an average 7% staking reward, based on the annualized 90-day average as of October 22, 2025, with data from Helius.
Staking is central to the fund's design. Helius, Solana's validator and developer platform, is the exclusive staking provider for BSOL and manages more than 13 million staked SOL. Bitwise says the fund aims to maximize staking rewards and oversight by combining its in-house staking expertise with Helius's technology. Bitwise warns that the fund is not registered under the 1940 Act and therefore lacks the protections of registered ETFs and mutual funds. The filing outlines risks including SOL price volatility, liquidity constraints, regulatory uncertainty, blockchain technology risk, slashing penalties and other staking risks, and the possibility that staking activities could impair timely satisfaction of redemption orders. Bitwise Investment Advisers, LLC is the sponsor, and Foreside Fund Services, LLC is the marketing agent. The fund is nondiversified and holds a single asset, and it has a limited track record.
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