Bitwise Asset Management and Superstate are collaborating to explore tokenized shares for selected Bitwise funds, starting with the prominent Bitwise Solana Staking ETF (BSOL). This strategic move, announced on August 13, 2026, aims to provide investors with an option to record fund ownership on a blockchain, moving beyond traditional book-entry systems.
The plan focuses on modernizing how ownership is documented, ensuring shares retain the same legal and economic rights they currently possess. It marks a significant step in bridging conventional financial products with blockchain technology, while adhering to existing regulatory frameworks.
Bitwise’s tokenization model for ETF shares
Under the proposed framework, investors will continue to acquire BSOL shares through existing brokerage channels, just as they do today. The key innovation lies in offering a choice for the official record of ownership: either the conventional book-entry method via the Depository Trust Company (DTC) or a blockchain-based record.
Superstate, a financial technology firm specializing in on-chain securities, will provide the specialized transfer-agency infrastructure for this blockchain-based record. This means the tokenized shares themselves wouldn’t become freely traded cryptocurrency tokens on decentralized exchanges. Instead, they’d remain securely within Superstate’s compliant record-keeping system.
Superstate has already registered as a transfer agent with the U.S. Securities and Exchange Commission (SEC) in March 2025. This registration is a critical component, enabling its infrastructure to maintain ownership records for tokenized securities in a regulated and compliant manner. The company initially planned to utilize this service for its own funds, with the intention of extending the infrastructure to other securities issuers.
This careful approach underscores a core principle of tokenized securities as seen by regulators: tokenization is primarily a technological modernization of record-keeping. It doesn’t fundamentally alter the nature of the security or the legal and economic rights of the investor, aiming instead for enhanced efficiency and transparency.
Solana staking ETF: Operational details and market footprint
The Bitwise Solana Staking ETF (BSOL) began trading on NYSE Arca on October 28, 2025. As of August 13, 2026, it holds a substantial $622,766,397 in net assets under management, showcasing significant investor interest in direct Solana exposure.
BSOL’s primary investment objective is to provide exposure to the value of Solana, less expenses. Crucially, its secondary objective involves generating additional Solana through staking, a process where it currently stakes 100% of its assets to yield a net staking reward rate of 5.84%. This feature differentiates it from some other crypto ETFs.
Despite a challenging first half of 2026 for Solana’s price, with SOL falling approximately 40%, BSOL still attracted $267 million in net inflows during that period. The fund also generated $17.7 million in staking income. This performance highlights sustained institutional demand for regulated crypto investment vehicles, even amidst price volatility.
In a related development, Multicoin Capital fully withdrew its disclosed investment in Forward Industries, a company that established a $1.65 billion Solana treasury plan in 2025. Despite Multicoin’s departure, Forward continues to accumulate SOL, holding about 7.81 million SOL equivalents as of August 3.
Further integrating into traditional finance, a major bank recently approved BSOL shares as loan collateral, allowing for a maximum loan-to-value (LTV) of 25%. This means borrowers could receive up to $25 for every $100 in pledged BSOL shares. Bitwise co-founder and CEO Hunter Horsley stated on August 11, regarding this approval, “Awesome to see the continued integration of crypto into the mainstream.”
Regulatory environment for tokenized assets
The U.S. Securities and Exchange Commission (SEC) has consistently articulated its position that federal securities laws apply to tokenized securities. A joint statement on January 28, 2026, from the SEC’s Divisions of Corporation Finance, Investment Management, and Trading and Markets clarified that tokenization is a technological means of representation, not a change in legal status.
This regulatory stance is vital for initiatives like the Bitwise-Superstate partnership. It confirms that existing legal frameworks, including registration, disclosure, and anti-fraud provisions, remain fully applicable to tokenized securities. Superstate’s registration with the SEC as a transfer agent reinforces this commitment to compliance for tokenized stock offerings, aiming for broader market acceptance.