Bitwise Explores Tokenizing Solana Staking ETF Through Superstate Deal

Bitwise Asset Management has announced a partnership with fintech firm Superstate to develop the ability to tokenize shares of select Bitwise funds. The company said its Solana Staking ETF is expected to be the first fund tokenized under this framework, though it noted there is no guarantee the plan will move forward.

How Tokenization Would Work

Under the system currently being developed, tokenization would only change how share ownership is recorded, not the underlying rights investors hold. Shareholders would be able to choose between holding shares in traditional book-entry form through The Depository Trust Company or in tokenized form on a blockchain, managed through Superstate’s transfer agency system.

Bitwise said tokenized shares would carry the same rights as book entry shares, though they would not be freely transferable outside the blockchain-based framework.

Bitwise’s Broader Business Position

Bitwise currently manages more than $9 billion in client assets across over 70 investment products. Superstate works with asset managers and issuers to bring securities onchain through infrastructure supporting compliant issuance and recordkeeping.

The tokenization announcement comes shortly after Bitwise confirmed it cut 14% of its workforce, reducing its global headcount to 155 employees. CEO Hunter Horsley said the layoffs were meant to better position the company for continued growth.