As a seasoned researcher with a keen eye for emerging trends and opportunities within the crypto space, I find myself intrigued by Bitwise’s latest move to introduce a Solana staking exchange-traded product (ETP) in Europe. With my extensive experience of tracking and analyzing various digital assets, it’s clear that Bitwise is making strategic decisions aimed at outpacing their competitors.
According to reports, Bitwise Asset Management, a crypto index fund manager, has introduced a Solana staking exchange-traded product (ETP) in Europe under the stock symbol BSOL. Meanwhile, they are waiting for approval from U.S. regulators to launch their Solana exchange-traded fund (ETF) offering.
December 17 marked the European launch of Bitwise’s cryptocurrency staking Exchange Traded Product (ETP) built on the Solana blockchain, as part of a collaboration with the self-custody automated tool, Marinade, as reported by Blockworks.
By the time of publishing, there was no response from Bitwise regarding CryptoMoon’s query for further information on their partnership.
The new ETP offers an annual percentage yield (APY) of 6.48% for stakers, outpacing its European competitors like 21Shares, which offers 5.49%.
Bitwise introduces low fees to fight existing European players
BSOL’s management fee is set at a competitive 0.85%, significantly lower than 21Shares’ 2.5%.
In November, Bitwise established a legal trust in Delaware for its planned Spot Solana ETF. This move necessitates additional paperwork to be submitted to the Securities and Exchange Commission for approval.
As Bitwise waits for approval in the U.S., Matthew Sigel, VanEck’s head of digital asset research, predicts that it is highly likely a U.S.-approved Solana spot ETF will be finalized by the year 2025.
In August, Bitwise’s initial Solana Exchange-Traded Product (ETP) in Europe, known as ESOL, was launched following the ETC Group acquisition. BSOL, on the other hand, is designed to address a significant void in ESOL, as it offers staking rewards as an integrated feature.
Bitwise bullish on ETF approvals in 2025
The addition expanded Bitwise’s collection of crypto Exchange Traded Products (ETPs) from Europe to nine, increasing its managed assets to more than $4.5 billion. At present, the ESOL product manages approximately $24 million in assets.
According to the forecast by Bitwise Investments’ top executives Matt Hougan and Ryan Rasmussen, a minimum of five notable cryptocurrency companies such as the stablecoin issuer Circle and the crypto exchange Kraken are expected to make their public debuts in 2025.
Beyond their prediction, the experts at Bitwise anticipate that the value of Bitcoin might exceed $200,000 by the year 2025. Moreover, they suggested that this digital currency could potentially surpass gold’s current market capitalization of $18 trillion by the year 2029.
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2024-12-18 11:38