Bitwise Asset Management has launched a new investment product in Europe called the Solana Staking ETP (BSOL). This product lets investors gain exposure to Solana’scryptocurrency, SOL, while earning additional rewards through staking. (A process where users help maintain and secure the Solana blockchain network in exchange for rewards).
Bitwise decided to launch this product in Europe because U.S. regulators have not yet approved similar Solana products, especially those that include staking rewards. In theU.S., Bitwise has shown interest in creating Solana investment options by recently registering a trust for a Solana fund. However, current regulatory rules prevent these funds from including rewards earned through staking.
The Exchange Traded Product (ETP), charges an annual fee of 0.85%. Bitwise has partnered with Marinade, a Solana staking provider, to make sure investors receive competitive staking rewards. The product’s performance will be measured against a benchmark called the Compass Solana Total Return Monthly Index. This makes it easier for investors to track how their investment is doing.
Solana is a popular blockchain known for being fast and efficient. It can handle up to65,000 transactions per second. Its cryptocurrency, SOL, is one of the largest in the world by market value. Investors who stake SOL currently earn annual rewards around 8%, which is higher than staking rewards for many other cryptocurrencies likeEthereum.
The Solana Staking ETP is part of Bitwise’s larger effort to offer more advanced and innovative crypto investment products. With this latest launch, Bitwise is giving European investors a way to benefit from Solana’s potential growth and stakingrewards.
By expanding into Europe, Bitwise is also positioning itself for future opportunities in theU.S. If regulators allow staking rewards in the future, Bitwise could adapt this product forthe American market. For now, European investors can take advantage of BSOL to gain exposure to Solana and the rewards that come with staking.
