Summary
- Bitwise and Superstate are developing blockchain infrastructure that could allow BBSOL investors to hold tokenized shares with equivalent shareholder rights.
- Superstate would maintain blockchain ownership records, while investors could retain traditional holdings through the Depository Trust Company under existing systems.
- Bitwise manages over $9 billion across 70 investment products despite reducing its global workforce by 14% to approximately 155 employees.
Bitwise Asset Management is developing a blockchain-based ownership structure for selected investment funds through a new partnership with fintech company Superstate. Its Solana Staking ETF, BBSOL, could become the first Bitwise product to adopt the proposed tokenization framework.
According to Bitwise, there is no guarantee that tokenized BBSOL will launch, although the companies are developing infrastructure to support traditional or blockchain-recorded shares.
Under the proposed framework, tokenization would change how Bitwise records share ownership without altering the underlying rights available to investors. Shareholders would also retain their existing purchasing channels, keeping the investment experience connected with established financial market infrastructure.
Moreover, investors choosing traditional ownership would keep their shares through the Depository Trust Company under the existing book-entry system.
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Bitwise Plans Same Rights for Tokenized Fund Shares
Investors selecting the blockchain option would have their shares recorded through Superstate’s transfer agency infrastructure while retaining equivalent shareholder rights. Consequently, Bitwise would use blockchain technology primarily as an alternative record-keeping system rather than to create distinct economic terms for investors.
However, tokenized shares would not become freely transferable beyond the blockchain-based system established to support the fund ownership structure. This restriction separates Bitwise’s proposed model from crypto tokens that investors can freely transfer between independent blockchain addresses.
Superstate works with issuers and asset managers seeking to bring regulated securities onto blockchain networks through compliant financial infrastructure. Additionally, its platform supports securities issuance, ownership recordkeeping, and integration with markets that use blockchain technology for financial transactions.
Bitwise currently oversees more than $9 billion in client assets while offering over 70 investment products across its broader business.
Superstate Partnership Expands Bitwise’s On-Chain Strategy
The Superstate partnership gives Bitwise another route for incorporating blockchain infrastructure into regulated investment products without replacing established shareholder protections. BBSOL could provide the first practical application of that approach if Bitwise eventually proceeds with its planned tokenized ownership structure.
Meanwhile, Bitwise recently reduced its global workforce by 14%, bringing the crypto asset manager’s total employee count to approximately 155. CEO Hunter Horsley linked the workforce reduction to efforts designed to position Bitwise for its broader growth plans.
Conclusion
Bitwise’s proposed framework could give eligible BBSOL shareholders a choice between traditional book-entry ownership and blockchain-recorded fund shares. However, the project remains under development, and Bitwise has emphasized that there is no assurance the tokenized structure will launch.
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