Bitwise Asset Management announced Aug. 13 that it is working with Superstate to build infrastructure allowing shares of certain Bitwise funds to be held in tokenized form on a blockchain. The Bitwise Solana Staking ETF, trading on the NYSE under the ticker BSOL, is the first fund the firm expects to offer that option.
Superstate runs an SEC-registered transfer agency and operates two platforms relevant here: Opening Bell, which handles tokenized equity issuance, and FundOS, which serves asset managers bringing funds on-chain. Under the framework Bitwise and Superstate are developing, Superstate's transfer agency infrastructure would maintain on-chain ownership records for shareholders who elect the tokenized path.
The mechanics leave the underlying fund unchanged. Investors buy the same BSOL shares through the same channels that exist today. After purchase, shareholders choose between two record-keeping methods: the traditional book-entry route through the Depository Trust Company, or a tokenized record held on-chain through Superstate. Shares in either format carry identical rights. Tokenized shares are not freely transferable outside Superstate's recordkeeping system—they function as a different ledger entry for the same security, not a new tradeable token.
Bitwise manages $9 billion in client assets across more than 70 investment products, a lineup that includes ETFs, separately managed accounts, private funds, DeFi strategies and staking products. The firm serves more than 5,500 private wealth teams, registered investment advisers and family offices, plus 21 banks and broker-dealers. That distribution network is the practical reason the tokenized share option matters: institutional counterparties that prefer on-chain settlement now have a compliant path to hold a regulated ETF in that form without leaving the fund's existing legal structure.
Superstate's infrastructure has prior proof of concept at institutional scale. Its flagship product USTB, a tokenized short-duration U.S. government securities fund, has since transitioned to become the Invesco Short Duration US Government Securities Fund operating on FundOS. A second fund, USCC, now runs as the Bitwise Crypto Carry Fund—also on FundOS. Both transitions validated that Superstate's on-chain recordkeeping can absorb real institutional capital and hand off to larger asset managers without breaking compliance.
For BSOL specifically, the tokenized share option sits at an intersection DeFi-native capital has been watching: a regulated, staking-yield-bearing Solana exposure with the potential to live natively on-chain. SOL currently trades at $74.99. BSOL passes through Solana staking rewards to shareholders, so the underlying yield profile is tied directly to Solana network staking rates rather than a fixed coupon—making it a different risk and return proposition than a tokenized Treasury product.
The announcement does not set a launch date. Bitwise said in the press release that availability of the tokenized share option for BSOL remains subject to applicable legal and regulatory requirements, and the firm offered no assurance on timing for BSOL or any subsequent fund in its lineup. That caveat reflects a real open question: while Superstate's transfer agency is SEC-registered, the specific mechanics of on-chain share recordkeeping for a registered ETF still require regulatory sign-off at each step.
Bitwise has offices in San Francisco, New York and London, and carries a nine-year operating history. Superstate's role here is as infrastructure provider and transfer agent—it is not issuing a new token or creating a wrapped version of BSOL. That distinction matters for how regulators and compliance teams at institutional clients will classify the arrangement. The shareholder retains the same SEC-registered ETF share; only the ledger moves.
The deal fits a pattern forming across the registered fund space, where issuers are probing how far blockchain-based recordkeeping can extend into traditional securities structures without triggering a full re-registration or new product approval. Superstate's FundOS positions it as the back-end for that experimentation. Bitwise's decision to start with BSOL—a fund whose underlying asset is already a crypto-native, on-chain network—makes the pairing a logical first test before extending the option to other funds in its 70-product suite.
