Bitwise Asset Management is exploring tokenized shares for some of its exchange-traded funds, teaming up with fintech firm Superstate to test whether blockchain recordkeeping can sit alongside traditional share ownership without changing what investors actually hold. The move, announced Thursday, targets the Bitwise Solana Staking ETF as the first candidate, though the company is careful to note that nothing is guaranteed yet. For an industry still figuring out how far tokenization can go inside regulated fund wrappers, this is a notable test case.
Key takeaways
- Bitwise Asset Management has partnered with Superstate to develop tokenized share recording for select Bitwise funds.
- The Bitwise Solana Staking ETF (BSOL) is expected to be the first fund considered for the tokenized option.
- Tokenized shares would carry the same economic and voting rights as traditional book-entry shares, with no separate security created.
- Investors could choose between book-entry ownership through The Depository Trust Company or blockchain-based ownership via Superstate’s transfer-agency system.
- The rollout depends entirely on meeting legal and regulatory requirements, and Bitwise has offered no launch timeline.
Bitwise and Superstate Collaborate on Tokenized Shares
Bitwise Asset Management, which manages roughly $9 billion in client assets across more than 70 investment products, has entered a partnership with Superstate to build a framework that lets certain fund shares exist in tokenized form. Superstate is a fintech company that works with issuers and asset managers to bring securities onto blockchain rails, and it already has a working relationship with Bitwise on other products.
The two firms describe the project as a development effort rather than a finished product. Bitwise has been explicit that there’s “no assurance” the capability will actually launch for any fund, and no timeline has been set. That caution matters: this is a pilot in progress, not a live feature investors can use today.
The first fund in line is the Bitwise Solana Staking ETF, trading under the ticker BSOL on NYSE. BSOL was launched in late 2025 and The trust intends to monitor Solana’s value while producing extra Solana via staking activities. The fund’s objective is to stake virtually its entire portfolio through Bitwise’s own on-chain infrastructure, built with partner Helius. Staking rewards, which have historically averaged around 7%, are reinvested rather than paid out in cash, compounding within the fund’s net asset value over time.
Tokenized Shares Retain Traditional Rights with Blockchain Recording
Under the proposed structure, tokenization would only change how ownership gets recorded — not what an investor actually owns. Shareholders would keep buying fund shares through the same brokerage channels they use now, and the economic and voting rights attached to those shares would stay identical regardless of how they’re recorded.
Investors would get a choice. They could hold shares the conventional way, in book-entry form through The Depository Trust Company, or opt for a tokenized version recorded on a blockchain and maintained through Superstate’s transfer-agency infrastructure. “Shareholders could then elect to hold those shares either in traditional book-entry form through The Depository Trust Company or in tokenized form recorded on a blockchain and maintained through Superstate’s transfer agency infrastructure,” Bitwise said in its announcement.
