Bitwise is working with Superstate to let investors hold shares of certain funds in tokenized form while preserving the same legal and economic rights. Its Solana staking ETF is expected to be the first product considered for the blockchain-based structure.
Key Takeaways
Bitwise partnered with Superstate to tokenize fund shares, with BSOL expected to be first.Bitwise’s $9B platform could push regulated ETF ownership further onto blockchain rails.BSOL tokenization still needs legal clearance as Bitwise reduces staff headcount.Bitwise Asset Management is preparing to bring shares of its exchange-traded funds onchain, starting with a potential tokenized version of its Solana staking product.
“Investors would continue to purchase the same shares of the applicable fund, with the same rights, through the same channels as today,” Bitwise said.
Shareholders could then choose between conventional book-entry ownership through the Depository Trust Company or a tokenized record maintained through Superstate’s transfer-agent infrastructure.
BSOL Could Be First Fund to Move OnchainTokenized shares would carry the same rights as conventional shares. However, they would not be freely transferable outside the approved recordkeeping system, limiting the kind of unrestricted movement associated with many crypto tokens.
The design reflects a broader trend in traditional finance: placing regulated securities on blockchain rails without changing their legal status.
Superstate specializes in helping issuers and asset managers bring securities onchain. Under the proposed structure, its infrastructure would maintain blockchain-based ownership records while preserving the fund’s existing regulatory framework.
Bitwise cautioned that the initiative remains subject to legal and regulatory requirements. There is no guarantee that tokenized shares will become available for BSOL or any other fund.
Tokenization Push Comes During Cost CutsBitwise manages about $9 billion in client assets across more than 70 products, including ETFs, private funds, separately managed accounts, decentralized finance strategies and staking products.
The timing underscores two parallel priorities: controlling costs while continuing to invest in new distribution models.
If the Superstate framework moves forward, Bitwise will offer investors two ways to own the same fund share, one through traditional market infrastructure and another recorded onchain.
That distinction may prove important. The next phase of tokenization is increasingly less about creating new assets and more about changing the infrastructure beneath existing ones.
