Bitwise Solana Staking ETF
Bitwise Solana Staking ETF is an exchange-traded trust that gives investors exposure to the price performance of Solana through a traditional brokerage account. The trust holds Solana directly, values its shares against the CME CF Solana – Dollar Reference Rate – New York Variant, and seeks to earn additional Solana through staking as a secondary objective. It is sponsored and managed by Bitwise Investment Advisers, LLC, with Coinbase Custody serving as custodian for the digital assets. The product is designed for investors who want Solana exposure without directly buying, storing, or managing the token themselves.
Business
Share of revenueShares of a trust that track the value of Solana held by the vehicle, net of expenses and liabilities.
Additional Solana earned by delegating trust holdings to staking agents under the secondary objective.
Customers
The trust is bought by investors who want Solana exposure in a brokerage account rather than through a crypto wallet or direct token custody. Its core users are retail and advisory investors seeking a regulated exchange-traded wrapper for digital asset allocation. It also appeals to tactical allocators and portfolio managers who want to add Solana as a satellite position or use it in broader digital-asset strategies. The staking feature may attract investors who want the potential for incremental token accumulation in addition to price exposure.
Individuals buying BSOL for convenient Solana exposure without managing wallets, keys, or exchange accounts.
Advisers using the ETF structure to add Solana exposure within client portfolios and simplify operational handling.
Investors using Solana as a satellite or opportunistic allocation and valuing daily tradability.
Crypto-focused investors who want direct token exposure plus staking economics in a listed vehicle.
Strategy
The trust’s strategy is to provide efficient Solana exposure in a familiar exchange-traded format, lowering the operational barriers associated with direct token ownership. A second priority is to generate incremental Solana through staking, which can improve the product’s economic proposition relative to a pure spot-only vehicle. The trust also seeks to keep operating complexity low by using a unitary fee structure in which the sponsor covers normal operating expenses. Its competitive position depends on reliable NAV tracking, custody integrity, and the ability to offer a simple, regulated access point to Solana.
A listed trust reduces the friction of direct crypto ownership and broadens the addressable investor base.
Staking is intended to add incremental Solana and improve the product’s value proposition versus a non-staking wrapper.
A unitary fee structure and outsourced custody reduce complexity and make the product easier to operate and market.
Geography
The trust is U.S.-based and its shares are listed on NYSE Arca in the United States. Its benchmark, custodian, sponsor, and operating framework are also centered in the U.S. market, which makes U.S. securities regulation and U.S. digital-asset market structure the key operating environment. The trust’s Solana exposure is global in economic terms because Solana trades on digital asset platforms worldwide, but the product itself is distributed through U.S. brokerage channels. Geography therefore matters mainly through U.S. listing, custody, and regulatory oversight rather than through physical operations or manufacturing.
Risks
The trust is exposed to Solana price volatility, which directly drives NAV and investor returns because the vehicle holds the token rather than a diversified portfolio. Staking introduces operational and protocol risks, including validator performance, slashing, and changes in network economics, because the trust depends on third-party staking agents and the Solana network. Custody and digital-asset security are material risks because the trust relies on Coinbase Custody and private insurance rather than FDIC protection. The product also faces regulatory and market-structure risk typical of crypto ETPs, including changes in U.S. securities or digital-asset rules, benchmark methodology risk, and liquidity risk in periods of stressed trading.
The trust holds Solana directly, so changes in token price flow straight into NAV and share performance.
Exposure: NAV and investor returns
Additional Solana depends on staking agents and network behavior, creating operational and protocol exposure.
Exposure: Staking yield and asset safety
Digital assets are held with a third-party custodian and are not FDIC insured, so theft or operational failure could impair assets.
Exposure: Asset custody
Changes in U.S. securities, tax, or digital-asset rules could affect the trust’s structure, operations, or investor demand.
Exposure: Product viability and distribution
NAV depends on benchmark and principal-market pricing inputs that can be disrupted or become less representative in volatile markets.
Exposure: Valuation and reporting
Accounting
Judgemental itemsThe trust uses principal-market pricing under ASC 820, so valuation inputs directly determine reported asset values and earnings volatility.
Impact: NAV, unrealized gains/losses, and balance sheet carrying value
The fee is a fixed percentage of net assets, so expense recognition changes as Solana prices change.
Impact: Operating expenses and net asset value
Additional Solana earned through staking must be tracked and measured, which affects asset balances and income presentation.
Impact: Asset growth and reported results
Digital asset prices can move sharply within a reporting period, making interim results difficult to compare.
Impact: Earnings comparability and NAV fluctuations
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Last updated: 11/08/2026