Bitwise Asset Management has launched a Solana Staking Exchange-Traded Product (ETP) on Germany's Frankfurt Stock Exchange. The ETP aims to cater to the increasing interest in Solana, a blockchain platform known for its speed and efficiency in processing transactions.
The Solana Staking ETP offers an annual percentage yield (APY) of 6.48%, higher than competitors like 21Shares. This is made possible through a staking mechanism using SOL tokens, which not only enhances potential returns for investors but also contributes to the security and efficiency of the Solana network.
Solana has gained popularity in the blockchain ecosystem due to its ability to process transactions faster and at a lower cost than Ethereum.
The launch of the Solana Staking ETP provides European investors with a liquid and transparent investment option and reflects the growing interest in staking for passive income in the cryptocurrency space.
While the U.S. market faces regulatory challenges, there is optimism for the approval of a spot Solana ETF by the end of 2025. The resignation of SEC Chair Gary Gensler has sparked speculation about a more favorable regulatory environment for cryptocurrency investments.
As demand for Solana-based products rises in Europe, asset managers are capitalizing on this trend while awaiting regulatory clarity in the U.S.