Orhan 
Despite uncertainties surrounding the approval process for a Solana exchange-traded fund (ETF) in the United States, crypto asset management firm Bitwise has made an innovative move in Europe. The company launched a Solana staking exchange-traded product (ETP) under the name BSOL, aiming to enhance competition in the European market and create new opportunities for Solana-focused investments.
Bitwise’s Solana staking ETP stands out as a significant step in the European market. With high yield rates, low management fees, and strategic acquisitions, the company seeks to make a mark in the crypto space. This move highlights the increasing pace of competition and innovation in not only the European but also the global crypto markets.
Where is the Solana Staking ETP Traded?
Announced by Bitwise on December 18, the Solana staking ETP began trading on the Xetra platform of the Frankfurt Stock Exchange. By integrating Marinade, an automation and self-custody tool, the product offers investors an attractive annual yield of 6.48%. This rate is highly competitive compared to other market players; for example, 21Shares, a leading European ETP provider, offers a 5.49% yield for a similar product.
How Does Bitwise Attract Investors?
Bitwise draws attention not only with its high yield rate but also with low management fees. The BSOL’s management fee, set at 0.85%, offers a significant advantage compared to 21Shares’ 2.5% fee. This low-cost strategy is a key component of Bitwise’s efforts to strengthen its presence in the European market.
Acquisition of ETC Group by Bitwise
To accelerate its European operations, Bitwise acquired ETC Group in August. This acquisition added nine European crypto ETPs to its portfolio, increasing its total assets under management to over $4.5 billion. Additionally, with the development of BSOL, the company aims to address the lack of staking support in its first Solana-based ETP, ESOL.
Why Focus on Europe?
One of the main reasons for Bitwise’s focus on the European market is the regulatory delays in the United States. In November, the company filed a legal application for a spot Solana ETF in Delaware. However, the cautious approach of the U.S. Securities and Exchange Commission (SEC) toward approving crypto products has slowed down the process. Experts predict that a Solana spot ETF might not be approved in the U.S. until the end of 2025.
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