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Bitwise Launches Solana Staking ETP (BSOL) in Europe: Reports
In a recent development, crypto asset management firm Bitwise has launched the Solana Staking ETP (BSOL) in Europe. This announcement comes on the heels of Bitwise’s recent decision to register a statutory trust in Delaware, indicating their intention to list a Solana ETF in the United States.
The launch of BSOL is significant as it paves the way for integrating staking rewards into its U.S.-based spot SOL ETF offering. The regulatory concerns under existing securities laws may be revised once Paul Atkins-led SEC updates the norms. This strategic move by Bitwise bears similarities to how VanEck partnered with Kiln to support SOL staking for its products.
Bitwise’s entry into European Solana ETPs began with their acquisition of London-based ETC Group, which brought in an inheritance of the ESOL product that now manages $24 million in assets, down from $27 million a month ago. The firm is attempting to address the lack of staking rewards, a major drawback for ESOL investors.
The Solana Staking ETP (BSOL) allows users to participate in the decentralized validation process of the Solana blockchain and earn returns. This opportunity is not available elsewhere, as most other cryptocurrencies do not provide staking rewards.
Source: www.cryptonewsz.com
