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Bitwise’s new Solana staking ETP, BSOL, enters the European market with competitive rewards and low fees, surpassing rivals.
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Crypto index fund manager Bitwise has reportedly launched a Solana staking exchange-traded product (ETP) in Europe with the stock ticker BSOL while it awaits registration approval in the United States for its Solana exchange-traded fund (ETF) offering.
On Dec. 17, Bitwise launched its Solana (SOL)-based crypto-staking ETP in Europe in partnership with a self-custodial automation tool, Marinade, according to a Blockworks report.
Bitwise did not respond to Cointelegraph’s request for more details about the partnership by the time of publication.
The new ETP offers an annual percentage yield (APY) of 6.48% for stakers, outpacing its European competitors like 21Shares, which offers 5.49%.
Bitwise introduces low fees to fight existing European players
BSOL’s management fee is set at a competitive 0.85%, significantly lower than 21Shares’ 2.5%.
In November, Bitwise also registered a statutory trust in Delaware for its proposed spot Solana ETF, which would require further regulatory filings with the Securities and Exchange Commission.
Bitwise’s Solana ETF registration in the US. Source: State of Delaware Division of Corporations
While Bitwise continues to await approval in the US, VanEck’s head of digital asset research, Matthew Sigel, said the odds of a US-approved spot Solana ETF will be “overwhelmingly high” by the end of 2025.
Bitwise’s first Solana ETP in Europe, ESOL, debuted in August as a result of the ETC Group acquisition. BSOL aims to fill a major gap with ESOL’s lack of support for staking rewards by having the feature baked in.
Bitwise bullish on ETF approvals in 2025
The acquisition added nine European-listed crypto ETPs to Bitwise’s portfolio and raised its assets under management to over $4.5 billion. The ESOL product currently holds $24 million in assets under management.
Related: Bitwise files for 10 Crypto Index Fund ETF with the SEC
Bitwise investment chief Matt Hougan and research head Ryan Rasmussen recently predicted that at least five “crypto unicorns” will go public in 2025, including stablecoin issuer Circle and crypto exchange Kraken.
Five strongest candidates for IPO listings in 2025. Source: Bitwise
Additionally, the Bitwise duo forecasted that Bitcoin will hit $200,000 or more by the end of 2025 and said it could surpass gold’s current $18 trillion market cap by 2029.
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This article first appeared at Cointelegraph.com News
