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Bitwise has launched a new product in the European market, a Solana Staking ETP with the ticker BSOL. This launch comes alongside a partnership with Marinade, a staking provider that will handle all the staking services for the new ETP.
This move by Bitwise follows their recent registration of a statutory trust in Delaware, which has led to speculation that they may be preparing to list a Solana ETF in the US. Building a robust staking infrastructure could enable Bitwise to incorporate staking rewards into their planned Solana ETF offering in the US. This is significant given the regulatory hurdles that need to be overcome before such an ETF can be listed.
The new BSOL ETP allows investors to participate in Solana’s proof-of-stake (PoS) consensus mechanism, which distributes a portion of the block rewards to validators and their delegators, essentially stakers. The staking rewards are sourced from SOL issuance, distributed by the network to validators running the blockchain. Validators then share these rewards with stakers to attract more staked SOL.
The annual staking rewards for Solana stakers have been reportedly as high as 8%, significantly higher than the average staking yield on Ethereum of around 3%. This is a major selling point, especially given that other Solana staking ETPs are only offering yields of up to 5.49% (21Shares’ product). While BSOL may not be able to match or beat this figure, it does offer an annual management fee of just 0.85%, which is much more competitive than the 2.5% offered by 21Shares.
With this launch, Bitwise is looking to tap into a growing market for Solana-based products and staking services in Europe.
Source: www.cryptonewsz.com
