Bitwise Asset Management has partnered with Superstate to develop a system that could let investors hold shares of certain Bitwise funds as blockchain-based tokens, with its Solana staking ETF expected to be the first product considered for the structure.
Bitwise said Thursday that the planned framework would change how ownership of fund shares is recorded without changing the rights attached to the shares or the channels investors use to purchase them.
Under the proposed setup, shareholders could choose between holding their shares through the Depository Trust Company in traditional book-entry form or having their ownership recorded on a blockchain using Superstate’s transfer agency infrastructure.
“Shareholders could then elect to hold those shares either in traditional book-entry form through The Depository Trust Company or in tokenized form recorded on a blockchain and maintained through Superstate’s transfer agency infrastructure,” Bitwise said.
The asset manager, which oversees more than $9 billion in client assets across more than 70 investment products, cautioned that the tokenization capability is still being developed and its planned use with individual funds is not guaranteed.
Rather than creating a separate investment product tied to an existing fund, the planned Bitwise structure would provide another method for recording ownership of the same shares.
According to the company, investors choosing the blockchain option would retain the same shareholder rights as investors whose holdings remain in conventional book-entry form.
Tokenized shares, however, would not be freely transferable outside the blockchain-based system supporting them. Bitwise did not provide a launch date for the service or identify all of the funds that could eventually support tokenized ownership.
Superstate would provide the transfer agency infrastructure needed to maintain the blockchain-based ownership records. The fintech company works with issuers and asset managers on compliant securities issuance, recordkeeping and onchain market infrastructure.
Its role in the Bitwise project follows other fund tokenization work involving traditional and crypto-focused asset managers. In June, Superstate was selected to provide blockchain support for Invesco’s proposed Stablecoin Reserves Onchain Fund and maintain its blockchain-integrated shareholder registry.
Invesco’s filing described a structure connecting conventional fund records with onchain ownership tokens, while the portfolio itself was designed as a Rule 2a-7 government money market fund investing in cash, repurchase agreements and short-term U.S. Treasury securities.
The arrangement also built on an existing relationship between the two companies after Invesco took over day-to-day portfolio management of Superstate’s tokenized U.S. Treasury fund earlier in 2026. Superstate continued providing the product’s tokenization services through its FundOS platform.
Bitwise expects the Bitwise Solana Staking ETF, or BSOL, to be the first fund to use the proposed system, although the company said there is “no assurance” that tokenization of the product will ultimately launch.
BSOL began trading on NYSE Arca in October 2025 after the exchange completed the listing process for the fund. The ETF provides direct exposure to Solana while incorporating staking rewards generated from the SOL held by the product. Its market debut brought $69.45 million in first-day net inflows and lifted total assets to $288.92 million.
The fund is backed by SOL held in institutional cold storage and tracks the Compass Solana Total Return Monthly Index after fees and expenses. Bitwise set its management fee at 0.20% when the product launched.
By mid-May 2026, BSOL had accumulated about $861 million in assets and represented roughly 81% of the assets held across the Solana ETF products tracked at the time. The fund had crossed $500 million in assets within its first 18 days of trading.
Bitwise has continued adding staking to other proposed crypto investment products. In July, the asset manager amended its planned NEAR ETF to include staking and named NYSE Arca, BNY Mellon and Coinbase Custody in the filing.
Superstate’s work with Bitwise also extends its role as a transfer agent for securities represented directly on public blockchains.
The company registered Superstate Services LLC as a transfer agent with the U.S. Securities and Exchange Commission in March 2025, allowing its infrastructure to maintain ownership records for tokenized securities.
At the time, crypto.news reported that Superstate initially planned to use the service for its own USTB and USCC funds before making the infrastructure available to other securities issuers.
Superstate later expanded the model from funds to public equities. Its Opening Bell platform was introduced in May 2025 to allow SEC-registered shares to be issued and traded on public blockchains, initially using Solana. Unlike synthetic products that track the price of a stock, the platform was designed to work with issuer-authorized shares carrying ownership rights.
Galaxy Digital subsequently used the infrastructure to put its Nasdaq-listed shares onchain in September 2025. Superstate served as the registered transfer agent, updating Galaxy’s shareholder records when tokenized shares moved between verified wallets. The Galaxy structure treated the tokens as direct legal representations of the company’s shares rather than wrappers or synthetic instruments.
Superstate has also worked with fund managers on blockchain-native investment products. Coinbase Asset Management introduced its CUSHY digital credit fund in April using Superstate’s FundOS infrastructure, with tokenized shares designed for qualified institutional investors across Ethereum, Solana and Base.
The tokenization project was announced days after Bitwise confirmed a reduction in its workforce.
Earlier this week, the asset manager said it had cut 14% of its employees, leaving its global headcount at about 155 people.
Chief executive Hunter Horsley told The Block that the reductions were intended to better equip the company for its ongoing growth.
Bitwise has continued operating a large range of crypto investment products while expanding its ETF lineup. Alongside BSOL, the firm has filed for or launched funds covering several digital assets, with previous proposals including products tied to XRP, Sui, Aave, Zcash and Tron.
A filing earlier in 2026 also proposed 11 hybrid-structure ETFs covering assets including Aave, Zcash and Tron, with Coinbase Custody Trust Company named as custodian. At the time, the proposed funds had not yet received final ticker symbols.
