Bitwise Asset Management has entered into a partnership with Superstate, a fintech specializing in bringing securities onto blockchain platforms, to investigate the possibility of allowing investors to hold shares of select Bitwise funds in tokenized form.
The crypto-focused asset manager indicated that its Bitwise Solana Staking ETF, trading under the ticker BSOL on the NYSE, is expected to serve as the initial candidate for this feature.
Under the structure the two firms are building, the core characteristics of the shares would remain unchanged.
Investors would continue buying the same fund shares through existing brokerage and purchase channels and would retain identical economic, voting, and other rights.
The sole difference would lie in the method of recording ownership.
Holders could opt to keep shares in the conventional book-entry format handled by The Depository Trust Company or switch to a tokenized version recorded on a blockchain and administered through Superstate’s transfer-agency systems.
Tokenized holdings would not be freely transferable outside that designated recordkeeping environment.
Bitwise emphasized that any rollout of the tokenized option depends on meeting all relevant legal and regulatory standards.
The firm explicitly noted that there is no guarantee the feature will become available for BSOL or for any other products in its lineup, nor is there a confirmed timeline.
The initiative reflects broader industry interest in blending traditional fund structures with blockchain-based ownership records.
Superstate provides platforms such as FundOS that support asset managers in creating compliant on-chain fund offerings, including issuance, recordkeeping, and connections to digital markets via its SEC-registered transfer-agency infrastructure.
Bitwise, which oversees roughly $9 billion in client assets across more than 70 investment products, already has experience working with Superstate on other vehicles.
BSOL itself is a relatively recent addition to the US market.
Launched in late 2025, the exchange-traded product seeks to track the value of Solana held by the trust while generating additional Solana through staking.
The fund aims to stake essentially all of its holdings via Bitwise’s own on-chain solutions, powered by infrastructure partner Helius, with the goal of capturing network rewards that historically have averaged around 7 percent.
Those rewards are reinvested rather than distributed as cash, allowing them to compound within the fund’s net asset value.
By exploring a tokenized share class for BSOL, Bitwise is testing whether blockchain recordkeeping can offer investors greater flexibility without altering the fundamental regulated nature of the product.
Tokenized shares would still represent the same class of beneficial interest and would not create a separate security or synthetic instrument.
Market participatns now generally view the move as part of a larger trend in which traditional asset managers experiment with on-chain representations of familiar investment vehicles.
Success would depend on regulatory clarity, operational readiness, and investor demand for the dual-holding option. For now, the partnership signals Bitwise’s intent to remain at the forefront of product innovation in the digital-asset space while carefully navigating compliance requirements.