Bitwise Makes History: First US Spot Solana ETP $BSOL Launches on NYSE With 0.20% Fee
In a landmark moment for digital asset adoption, Bitwise Asset Management launched the first US spot Solana exchange-traded product (ETP), $BSOL, on the New York Stock Exchange on October 28, 2025. This pioneering financial instrument provides institutional and retail investors with regulated exposure to Solana (SOL) through traditional brokerage accounts, marking a significant evolution from the over-the-counter crypto trusts that previously dominated the market. The launch, occurring alongside the imminent debut of Grayscale's competing spot $GSOL ETP, establishes a new frontier for crypto accessibility following the successful introductions of spot Bitcoin and Ethereum ETPs in early 2024.
The Regulatory Pathway and Historic Context for Solana ETPs
The approval and launch of spot Solana ETPs did not occur in a vacuum. They represent the next logical step in a regulatory journey that began with spot Bitcoin ETPs launching in January 2024 and continued with Ethereum ETPs launching in May 2024. The Securities and Exchange Commission’s generic listing standards for crypto ETPs, enabled in part by the establishment of a CME Solana futures market, created the necessary regulatory pathway for these products.
This progression mirrors the maturation of crypto within traditional finance, where new asset classes gain acceptance following the successful integration of their predecessors. The move from Bitcoin to Ethereum and now to Solana indicates a broadening of the regulatory and institutional appetite for digital assets beyond the two largest cryptocurrencies by market capitalization.
Breaking Down Bitwise’s $BSOL: Features, Fees, and Staking
Bitwise's Solana Staking ETF ($BSOL) introduces several features designed to appeal to cost-conscious investors seeking efficient market exposure. The fund carries a notably low 0.20% annual sponsor fee. In a competitive introductory offer, Bitwise will waive this fee on the first $1 billion in assets for the first three months.
A key differentiator for $BSOL is its secondary objective to generate additional Solana through staking rewards. This feature allows investors to potentially benefit from the network's proof-of-stake consensus mechanism without the technical complexity of managing their own validator nodes. Coinbase Custody Trust Company serves as the custodian for the fund's underlying SOL holdings, providing a layer of security and institutional-grade asset protection.
Grayscale’s Dual Approach: The New $GSOL ETP vs. The Existing GSOL Trust
The launch of Bitwise’s $BSOL is immediately followed by competition, with Grayscale’s spot $GSOL ETP expected to begin trading in the days ahead. This creates a dynamic market with multiple regulated products for Solana exposure. However, Grayscale also maintains its existing Grayscale Solana Trust, which trades on over-the-counter (OTC) markets.
The contrast between the new ETPs and the older trust model is stark. The existing Grayscale Solana Trust charges a 2.50% annual management fee, significantly higher than Bitwise's 0.20% for $BSOL. Performance data through September 30, 2025, highlights another critical distinction: the trust reported a 12-month market price return of -80.59% compared to its net asset value (NAV) return of 31.54%. This persistent discount to NAV has been a major pain point for investors in the closed-end trust structure. In response to competitive pressures, Grayscale has recently added staking capabilities to its existing Solana Trust.
Accessibility and Brokerage Integration: How Investors Can Participate
The primary value proposition of these new ETPs is their accessibility within the traditional financial system. Bitwise’s $BSOL is available on platforms including DEGIRO, IG.com, and Interactive Brokers. For context, the existing Grayscale Solana Trust (GSOL) can be accessed through brokers like Fidelity, Charles Schwab, and Robinhood.
This integration means that millions of American investors can now add Solana exposure to their portfolios using the same retirement (e.g., IRA) and standard brokerage accounts they use for stocks and bonds. This eliminates previous barriers such as setting up crypto-specific exchange accounts, managing private keys, or navigating OTC markets with their inherent inefficiencies.
Industry Reaction: A "Watershed Moment" for Crypto Access
The launch has been met with significant acclaim from industry advocates who see it as a validation of Solana's position in the digital asset ecosystem. Kristin Smith, president of the Solana Policy Institute, characterized the launch as a "watershed moment." In a public statement on X (formerly Twitter), she emphasized the accessibility benefits, noting, "Years of work for this moment. Millions of Americans can now access @Solana through familiar, regulated financial products: ETPs."
This sentiment underscores a broader industry trend toward integrating digital assets into the fabric of mainstream finance, making them available to a wider demographic of investors who prefer regulated vehicles.
Broader Market Implications and The Global Expansion of Crypto ETPs
The approval of US spot Solana ETPs is part of a larger, global expansion of regulated crypto investment products. Similar Bitcoin and Ethereum ETPs have launched in markets like the United Kingdom, providing retail investors across different jurisdictions with new, secure access points to digital assets.
This trend signals a growing acceptance by financial regulators worldwide of cryptocurrencies as a legitimate asset class for diversified portfolios. The successful track record of US spot Bitcoin ETPs, which have gathered substantial assets under management since their debut, likely paved the way for regulators to consider and approve products for other major cryptocurrencies like Ethereum and now Solana.
Strategic Conclusion: Solidifying Crypto's Place in Mainstream Finance
The launch of Bitwise's $BSOL and the impending launch of Grayscale's $GSOL represent more than just new ticker symbols; they signify a fundamental shift in how investors can gain exposure to leading blockchain protocols. By offering low fees, integrated staking rewards, and seamless access through major brokerages, these products address key limitations of earlier investment vehicles.
For the market, this development solidifies Solana's status as a top-tier digital asset alongside Bitcoin and Ethereum within the regulated financial landscape. It demonstrates that the infrastructure for crypto ETPs is now robust enough to support a wider array of assets. Readers and investors should watch the initial trading volumes and assets under management gathered by these ETPs in their first weeks and months, as these metrics will provide early indicators of institutional and retail demand for regulated Solana exposure. Furthermore, observing whether other asset managers follow suit with their own Solana products will be crucial in assessing the long-term viability and competitive landscape of this new asset class within traditional finance.
Disclaimer: This article is for informational purposes only and should not be interpreted as financial or investment advice. Market conditions are dynamic; readers should conduct their own verification and consult with a professional before making any financial decisions.