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Bitwise Asset Management has partnered with Superstate to explore allowing shares of its exchange-traded funds to be held in tokenized form. The company expects the Bitwise Solana Staking ETF, or BSOL, to be the first fund considered under the proposed framework.
The tokenized option is not yet available and remains subject to legal, regulatory and operational requirements. Bitwise said there is no assurance that tokenized shares of BSOL or any other fund will ultimately become available.
BSOL Shares Could Be Recorded Onchain
Under the framework being developed, tokenization would change how ownership of existing fund shares is recorded rather than create a separate investment product. Investors would continue purchasing the same shares through existing channels and retain the same economic and ownership rights. Bitwise said:
“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.”
Tokenized shares would be maintained through Superstate’s transfer agency infrastructure. They would carry the same rights as traditional shares but could only be transferred through Superstate’s approved transfer-agent and recordkeeping system.
Superstate Would Provide Tokenization Infrastructure
Superstate operates infrastructure for bringing securities and investment funds onchain through an SEC-registered transfer agent. Its FundOS platform supports tokenized fund issuance, recordkeeping, direct investor registration and integration with blockchain-based markets.
The two companies already work together on the Bitwise Crypto Carry Fund. Bitwise took over investment management of the previously Superstate-managed fund in June, while Superstate continued providing its tokenized issuance and transfer agency infrastructure.
BSOL Launched as a U.S. Spot Solana Staking ETF
Bitwise launched BSOL in October 2025, giving investors direct exposure to SOL alongside staking rewards. The fund trades on the New York Stock Exchange and was launched with plans to stake its SOL holdings through Bitwise’s staking infrastructure.
If the new framework proceeds, BSOL shareholders could gain an additional way to record ownership without changing the underlying fund shares. Bitwise said other ETFs could follow, although it has not provided a timeline for making the tokenized option available.
