# Bitwise Solana Staking ETF > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/Bitwise Solana Staking ETF). ## Overview 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. ## Products & services • Exchange-traded shares listed on NYSE Arca under BSOL • Direct Solana exposure through a trust structure • Staking-based Solana yield enhancement • NAV reference to CME CF Solana – Dollar Reference Rate • Custodied digital asset holdings via Coinbase Custody - **Exchange-traded Solana exposure** (80%) — Shares of a trust that track the value of Solana held by the vehicle, net of expenses and liabilities. - **Staking yield** (20%) — Additional Solana earned by delegating trust holdings to staking agents under the secondary objective. - Exchange-traded shares listed on NYSE Arca under BSOL - Direct Solana exposure through a trust structure - Staking-based Solana yield enhancement - NAV reference to CME CF Solana – Dollar Reference Rate - Custodied digital asset holdings via Coinbase Custody ## 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. - **Retail brokerage investors** (primary) — Individuals buying BSOL for convenient Solana exposure without managing wallets, keys, or exchange accounts. - **Registered investment advisers** (primary) — Advisers using the ETF structure to add Solana exposure within client portfolios and simplify operational handling. - **Tactical asset allocators** (secondary) — Investors using Solana as a satellite or opportunistic allocation and valuing daily tradability. - **Digital asset specialists** (secondary) — Crypto-focused investors who want direct token exposure plus staking economics in a listed vehicle. - Retail investors seeking Solana exposure through a brokerage account - Financial advisers allocating digital assets for client portfolios - Portfolio managers using Solana as a tactical crypto allocation - Investors who prefer an exchange-traded wrapper over direct token custody - Buyers attracted by potential staking-derived Solana accumulation ## 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. - U.S.-listed ETF structure on NYSE Arca - Sponsor and management based in the United States - Coinbase Custody is a New York State trust company - Solana pricing reflects global digital-asset trading venues - No physical manufacturing footprint; geography is financial and regulatory ## 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. - **Build a simple exchange-traded Solana access product** (short-term) — A listed trust reduces the friction of direct crypto ownership and broadens the addressable investor base. - **Capture staking economics** (medium-term) — Staking is intended to add incremental Solana and improve the product’s value proposition versus a non-staking wrapper. - **Preserve operational simplicity and cost efficiency** (short-term) — A unitary fee structure and outsourced custody reduce complexity and make the product easier to operate and market. - Provide Solana exposure through a listed trust structure - Use staking to seek incremental Solana accumulation - Keep the product simple for brokerage-account investors - Maintain tight NAV reference and valuation discipline - Use a unitary fee model to simplify operating economics ## 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. - **Solana market price volatility** [high] — The trust holds Solana directly, so changes in token price flow straight into NAV and share performance. - **Staking and validator risk** [high] — Additional Solana depends on staking agents and network behavior, creating operational and protocol exposure. - **Custody and cyber/security risk** [high] — Digital assets are held with a third-party custodian and are not FDIC insured, so theft or operational failure could impair assets. - **Regulatory risk for crypto ETPs** [medium] — Changes in U.S. securities, tax, or digital-asset rules could affect the trust’s structure, operations, or investor demand. - **Fair value and pricing benchmark risk** [medium] — NAV depends on benchmark and principal-market pricing inputs that can be disrupted or become less representative in volatile markets. - Solana price volatility directly affects NAV and investor returns - Staking can create validator, slashing, and network-operation risks - Custody concentration with a third-party digital asset custodian - Regulatory changes could affect crypto ETP structure or staking - Benchmark and pricing-source risk can affect fair value marks - Liquidity risk may widen spreads in stressed crypto market conditions ## Accounting The trust’s most important accounting judgment is fair value measurement of Solana, which is marked using an exchange-traded price from the principal market under ASC 820. Because the trust is an investment company for U.S. GAAP purposes, changes in Solana’s fair value flow directly through reported results and can create large period-to-period swings. Sponsor fee accruals are based on a fixed percentage of NAV, so expense recognition moves with asset values and can vary as the token price changes. Staking also adds accounting complexity because the trust must track any additional Solana earned and determine how those amounts are measured and recognized in the financial statements. - **Fair value measurement of Solana** — NAV, unrealized gains/losses, and balance sheet carrying value - **Sponsor fee accrual based on NAV** — Operating expenses and net asset value - **Staking reward recognition** — Asset growth and reported results - **Quarterly volatility in crypto valuations** — Earnings comparability and NAV fluctuations - Fair value marks for Solana drive reported gains and losses - Principal-market pricing affects NAV and balance sheet values - Sponsor fee accruals vary with NAV and token price movements - Staking rewards must be measured and recorded as additional Solana - Quarterly results can be highly volatile because crypto prices move quickly --- *Last updated: 2026-08-11T04:46:23.965872+00:00*