Solana exchange-traded fund (ETF) (SOL), issued by global digital asset management company Bitwise, will be listed on the New York Stock Exchange (NYSE) today, October 28th.
The Bitwise Solana Staking ETF, which operates under the BSOL symbol, includes staking figures. This mechanism allows investors to earn additional rewards beyond their exposure to Solana prices.
Bitwise’s strategy aims to maximize investor participation in the average rewards generated by Solana staking, which typically exceeds 7% year over year. To access this benefit, The fund has a 0.20% management fee, which remains 0% for the first three months. For the first $1 billion of assets under management.
“We believe Solana is one of the most exciting digital asset investment opportunities available today,” said Matt Hogan, chief investment officer at Bitwise. “Solana’s ability to perform high-volume transactions with high efficiency and low cost makes it a serious contender in the stablecoin and tokenization markets.”
The ETF’s arrival surprised sector experts like James Seifert, who said, “What was that change about? Well, I missed it. Almost everyone, at least everyone I know, missed it. It took me a while to notice.”
The move comes after the U.S. Securities and Exchange Commission (SEC) passed an October 10 deadline to respond to Bitwise’s request. Due to the partial U.S. government shutdown, the SEC was unable to take manual action. However, Bitwise has adopted a strategy that allows for approval without direct intervention from regulators.
The company included an automatically effective provision in its S-1 filing. The issuer has allowed the amended S-1 to become effective automatically 20 days after filing. It is common to wait until the SEC declares validity; Legal regulations allow S-1s to take effect without direct intervention by authorities..
As CriptoNoticias reported at the time, the launch follows the debut of the first Solana-based ETF with staking returns, launched in July by investment firms REX Shares and Osprey Funds. The futures fund, called REX Osprey Sol Staking (SSK), trades on the Chicago Board Options Exchange (CBOE).
