Bitwise Launches Its Third Staking ETP of 2024

Bitwise, America's largest index fund manager, has announced the listing of its Solana Staking ETP (BSOL) on Xetra, a Frankfurt-based stock exchange.

The ETF offers exposure to the sixth-biggest cryptocurrency, which boasts a market cap of $103 billion.

Earlier this year, Bitwise also launched staking ETPs for Ethereum and Aptos.

Bitwise CEO Hunter Horsley described Solana as one of the “rising star assets” in the cryptocurrency space.

As reported by U.Today, several issuers, including Bitwise and VankEck, have filed to launch spot-based Solana ETFs in the U.S. However, the SEC recently indicated that it was not going to approve these products in the near future.

Eric Balchuns, Bloomberg's leading ETF expert, recently predicted that the SEC might end up approving a Litecoin ETF a Solana ETF due to the fact that there is still regulatory uncertainty surrounding the token. SOL was named by the SEC among unregistered securities in the SEC's lawsuits against Binance and Coinbase.

While it is not clear when the SEC will approve ETFs tied to more arcane cryptocurrencies like Solana, altcoin-based ETP products have been around in Europe for years.

Earlier this year, Bitwise purchased leading European ETP issuer ETC Group, which managed to list a Bitcoi ETP on the Deutsche Börse all the way back in 2020.