Crypto asset management firm Bitwise has announced the launch of Bitwise Solana Staking ETP (BSOL). As reported by GlobeNewsWire, BSOL will present a new method for European users to purchase Solana’s native token, SOL.
The crypto asset manager aims to use this new product provided by Marinade, to ensure investors have exposure to Solana similar to institutional investors. It will do so while at the same maximizing staking rewards.
BSOL to help Bitwise maximize rewards
The BSOL ETP is a distinctive type of investment that uses staking. Bitwise expects it to yield better returns than other Solana staking solutions. Investors will be able to lock their SOL tokens, and in return, they will be provided with the opportunity to participate in Solana blockchain security.
Compared to previous staking methods, BSOL is supposed to be transparent with low cost and easy to trade. This will help attract both the small and large investors. In addition, investors use BSOL as the only SOL ETP calculated against the Compass Solana Total Return Monthly Index.
This index is used to enable investors evaluate the performance of the product in a way that will not be deceiving or inconsistent. Through the listing of the firm on Deutsche Börse Xetra, that the shares will be easily liquid so that they can be sold as well as bought easily.
Bitwise CEO and co-founder Hunter Horsley said,
Solana is one of the rising star assets in the space, and we’re thrilled to be launching BSOL, the third staking ETP we are launching this year, after the Ethereum and Aptos staking ETPs in February and November respectively.
Bitwise’s extended crypto portfolio in Europe
The establishment of BSOL is another major development for Bitwise as the firm progresses with its product growth in Europe. This year alone, Bitwise has established three staking ETPs, the latest being Ethereum and Aptos. The firm’s total client assets reached $12.3 billion in 2024, making it more prominent in the crypto asset management industry.
Bitwise adds BSOL to its existing and popular range of European products. Some of these products include Europe’s most liquid physically backed Bitcoin ETP (BTCE) and the cost-effective Bitwise Core Bitcoin ETP (BTC1). Users have adopted these products, providing institutions with an easy way to gain exposure to cryptocurrency.
Horsley added,
“We continue expanding our product suite to provide investors with high-quality vehicles they can trust […] Solana is a key asset in the rapidly growing crypto ecosystem, and this launch further strengthens our position in the market.”
The BSOL offers a new method to invest in Solana tokens. This opens an institutional-grade solution that fits its ethos and mission of transparency, deep liquidity, and unmatched speed.
Solana (SOL) price analysis
Solana (SOL) is currently trading at $215.90 with $6.9 billion in trading volume over the last 24 hours. However, according to TradingView, SOL’s price is on a downward trend with a resistance level now at $217.50. However, the coin’s trading volume is still low, meaning that investors are refraining from trading activity.
Technical indicators point out to a neutral ground. The Relative Strength Index (RSI) is at 48.59, hence in between the overbought and oversold level. Additionally, the MACD line is close to the zero line, pointing to a slow rate of change in the coin’s price direction.
Based on the above data, SOL seems to be consolidating as it looks for a more robust pattern. With the Bitwise new ETP, investors can invest in Solana while earning a margin from staking SOL tokens.
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