Bitwise has launched a Solana-based crypto-staking exchange-traded product (ETP) in Europe, expanding its offerings amid regulatory challenges in the United States.
The ETP, called BSOL, offers an annual percentage yield of 6.48%, outperforming competitors like 21Shares. Bitwise's CEO, Hunter Horsley, expressed enthusiasm for BSOL and highlighted Solana's potential in the crypto ecosystem.
This is Bitwise's third staking ETP, following successful launches of Ethereum and Aptos staking ETPs. The introduction of BSOL in Europe follows the earlier launch of ESOL in August.
Bitwise has experienced significant growth, managing over $12 billion in client assets. The staking rewards associated with Solana are derived from SOL tokens, with an average reward rate of approximately 8% annually. Bitwise's launch of BSOL in Europe reflects its strategic pivot to capitalize on growing interest in cryptocurrency investments and navigate the evolving U.S. regulatory landscape. The firm is exploring international markets to offer similar products in the United States. Bitwise's ability to provide superior staking returns could give it a competitive edge.
Despite Solana's recent underperformance compared to Bitcoin and Ethereum, traders remain optimistic about its long-term potential. The launch of BSOL enhances Bitwise's product offerings and aligns with the trend of institutional interest in staking as an investment strategy.
As the cryptocurrency market matures, products like BSOL could attract a diverse range of investors seeking exposure to decentralized finance. The future of crypto investments will be shaped by regulatory frameworks and market dynamics.