Summary
- Bitwise said it is pursuing the tokenization of some shares in its Solana (SOL) Staking ETF (BSOL).
- The company said investor rights and purchase channels would remain unchanged even if tokenization proceeds, while tokenized shares would face limits on free transfers outside the blockchain system.
- Bitwise said it cut 14% of its workforce, but still manages more than $9 billion in client assets and more than 70 investment products.
Crypto asset manager Bitwise is seeking to tokenize shares of its Solana staking exchange-traded fund.
The Block reported on Aug. 14 that Bitwise has partnered with fintech firm Superstate to build the infrastructure to tokenize stakes in some of its funds. The Bitwise Solana Staking ETF, or BSOL, is poised to be the first product considered for tokenization, though the company said that does not guarantee a launch.
Bitwise said tokenization would change only how ownership is recorded, while investor rights and purchase channels would remain the same. Shareholders would be able to choose whether to hold their stakes through the Depository Trust Company, or DTC, book-entry system or in blockchain-based tokenized form. Tokenized shares would carry the same rights as book-entry shares, but they would not be freely transferable outside the blockchain system.
Superstate operates a platform that works with issuers and asset managers to bring securities on-chain. It provides compliant issuance, recordkeeping and links to on-chain markets.
Separately, Bitwise confirmed earlier this week that it cut 14% of its workforce, reducing its global headcount to 155 employees. Chief Executive Officer Hunter Horsley told The Block the layoffs were part of preparations for the company's continued growth. Bitwise currently manages more than $9 billion in client assets and offers more than 70 investment products.
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