Bitwise Launches Third Staking ETP in 2024, Tracking Solana’s Native Cryptocurrency SOL

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**Bitwise Launches Its Third Staking ETP of 2024**

In a surprise move, Bitwise has announced the launch of its third staking ETP (Exchange-Traded Product) of 2024. According to sources close to the matter, this new product will track the performance of Solana’s native cryptocurrency, SOL.

This latest development comes as no shock given the recent surge in interest around decentralized finance (DeFi) and staking protocols. As the market continues to evolve, investors are increasingly seeking innovative ways to participate in the growth story.

In a statement, Bitwise’s CEO, Hunter Hulley, emphasized the significance of this announcement: “We’re thrilled to bring yet another pioneering product to the market. Our users have been asking for more options in the DeFi space, and we’re happy to oblige.”

The new ETP will be listed on major European exchanges under the ticker SOLA, with a total expense ratio (TER) of 1.2%. Bitwise has already seen significant demand from institutional investors seeking exposure to Solana’s staking protocol.

In related news, the Securities and Exchange Commission (SEC) has not given any hints regarding approving ETFs for more obscure altcoins like Solana. The agency might approve a Litecoin ETF or a Solana ETF due to regulatory uncertainty surrounding SOL.

For those unfamiliar with the term “staking,” it’s essentially a process where investors lend their cryptocurrencies to validators in exchange for rewards, which are then distributed as dividends. In this case, Bitwise will be tracking the staking performance of Solana, which has gained significant attention recently.

It is essential to note that Bitwise already manages two other staking ETPs: BITA and BITE.

Source: u.today