Bitwise Solana Staking ETF (BSOL) Files S-1/A, Eyes Cboe BZX Listing

TL;DR

**Bitwise is pushing hard for a Solana staking ETF, BSOL, which could be a game-changer for crypto exposure and yield in traditional portfolios.**

AI Summary

Bitwise Solana Staking ETF (BSOL) filed Amendment No. 4 to its S-1 registration statement on September 26, 2025, aiming to list on Cboe BZX Exchange, Inc. The Trust's primary objective is to provide exposure to Solana's value, less expenses, using the CME CF Solana – Dollar Reference Rate – New York Variant as its pricing benchmark. A secondary objective is to generate additional Solana through staking, with Coinbase Custody Trust Company, LLC acting as the Solana Custodian and managing segregated Trust Staking Account(s). Bitwise Asset Management, Inc., the parent of the Sponsor, served as the seed capital investor, purchasing $200 in 8 Shares at $25 per share on September 17, 2025. Additionally, Bitwise Investment Manager, LLC is expected to purchase initial Baskets of 100,000 Shares for $2,500,000, also at $25 per share, to acquire Solana prior to listing. The Trust will pay a unitary management fee of 0.____% per annum of its Solana holdings to the Sponsor. The Trust is an emerging growth company but has opted out of the extended transition period for new accounting standards.

Why It Matters

This S-1/A filing signals Bitwise's advanced preparations for launching a Solana ETF, offering investors a regulated vehicle to gain exposure to the volatile cryptocurrency market. The inclusion of staking as a secondary objective could provide an additional yield component, potentially making BSOL more attractive than direct Solana holdings or non-staking ETFs. For investors, this means easier access to Solana through traditional brokerage accounts, bypassing direct crypto exchange complexities. The competitive landscape for crypto ETFs is intensifying, and Bitwise's move positions it as a key player in the evolving digital asset investment space, potentially drawing capital from other crypto-related products.

Risk Assessment

Risk Level: high — The filing explicitly states, "AN INVESTMENT IN THE TRUST MAY NOT BE SUITABLE FOR INVESTORS THAT ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED WITH OTHER EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD SOLA OR INTERESTS RELATED TO SOLANA. THE SHARES ARE SPECULATIVE SECURITIES. THEIR PURCHASE INVOLVES A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT." This, combined with the inherent volatility of digital assets like Solana and the nascent nature of staking in a regulated product, indicates a high-risk profile.

Analyst Insight

Investors should closely monitor the finalization of the Sponsor Fee and the effective date of the registration statement. Given the high-risk nature, only investors with a strong understanding of digital assets and a high-risk tolerance should consider BSOL, potentially as a small, speculative allocation within a diversified portfolio.

Key Numbers

• $200 — Seed Capital Investment (Amount purchased by Bitwise Asset Management, Inc. on September 17, 2025)
• 8 — Seed Shares (Number of shares purchased by the Seed Capital Investor at $25 per share)
• $25 — Per-Share Price (Price for Seed Shares and expected price for Seed Baskets)
• $2,500,000 — Initial Seed Baskets Purchase (Expected purchase amount by Bitwise Investment Manager, LLC for 100,000 Shares)
• 10,000 — Shares per Basket (Standard block size for creation and redemption of Shares)
• 0.____% — Sponsor Fee (Annual unitary management fee of the Trust's Solana holdings (rate to be determined))
• September 26, 2025 — Filing Date (Date of Amendment No. 4 to Form S-1)
• 39-6904527 — IRS Employer Identification No. (Identification number for the Trust)

Key Players & Entities

• Bitwise Solana Staking ETF (company) — Registrant and exchange-traded product
• Bitwise Investment Advisers, LLC (company) — Sponsor and manager of the Trust
• Solana (company) — Underlying digital asset held by the Trust
• Cboe BZX Exchange, Inc. (company) — Anticipated listing exchange for BSOL shares
• Coinbase Custody Trust Company, LLC (company) — Solana Custodian for the Trust's holdings
• Bitwise Asset Management, Inc. (company) — Seed Capital Investor and parent of the Sponsor
• Bitwise Investment Manager, LLC (company) — Expected purchaser of initial Seed Baskets
• Securities and Exchange Commission (regulator) — Regulatory body overseeing the S-1/A filing
• Richard Coyle, Esq. (person) — Legal counsel from Chapman and Cutler LLP
• Hunter Horsley (person) — Representative from Bitwise Investment Advisers, LLC

FAQ

Risk Factors

• Solana Market and Regulation [high — market]: The Trust's performance is directly tied to the price and volatility of Solana. Regulatory uncertainty surrounding digital assets, including Solana, poses a significant risk. Changes in regulations could impact the Trust's ability to operate or the value of its holdings.
• Custody of Assets [high — operational]: The custody of the Trust's Solana holdings by Coinbase Custody Trust Company, LLC is critical. Any operational failures, security breaches, or loss of access to the segregated Trust Staking Account(s) could result in a loss of assets.
• Staking Risks [medium — operational]: The secondary objective of generating additional Solana through staking introduces risks such as slashing penalties, validator downtime, and changes in staking rewards. These factors can negatively impact the Trust's Solana yield and overall returns.
• Calculation of NAV [medium — financial]: The accurate calculation of the Trust's Net Asset Value (NAV) is essential. Errors in calculation, especially given the volatility of Solana, could lead to discrepancies between the market price of Shares and the underlying value of the Trust's assets.
• Dependence on CME CF Solana Reference Rate [medium — market]: The Trust uses the CME CF Solana – Dollar Reference Rate – New York Variant as its pricing benchmark. Any issues with the reliability, accuracy, or availability of this reference rate could impact the Trust's ability to accurately track Solana's value.
• Creation and Redemption Process [low — operational]: The creation and redemption of Shares are conducted in Baskets of 100,000 Shares. Disruptions or inefficiencies in this process, particularly with the acquisition and disposition of Solana, could affect the liquidity and market price of the Shares.

Industry Context

The digital asset ETF market is rapidly evolving, with increasing investor demand for regulated exposure to cryptocurrencies like Solana. Competitors are launching similar products, necessitating clear differentiation and robust operational frameworks. The success of Solana-based ETFs will depend on regulatory clarity, market adoption, and the ability to manage the unique risks associated with digital assets.

Regulatory Implications

The filing of the S-1/A indicates the Trust is seeking SEC approval to operate as a regulated financial product. Compliance with evolving digital asset regulations in the U.S. and globally will be crucial for the Trust's long-term viability and investor protection.

What Investors Should Do

1. Review the final prospectus carefully upon effectiveness.
2. Monitor Solana's price volatility and regulatory developments.
3. Assess the competitive landscape of digital asset ETFs.

Key Dates

• 2025-09-17: Seed Capital Investment — Bitwise Asset Management, Inc. invested $200 for 8 shares, establishing initial capital and demonstrating sponsor commitment.
• 2025-09-26: Filing of S-1/A Amendment No. 4 — The Trust filed its fourth amendment to the S-1 registration statement, indicating progress towards its public offering and listing on Cboe BZX Exchange.

Glossary

S-1/A

An amended registration statement filed with the SEC for companies offering securities to the public. (This is the document detailing the Bitwise Solana ETF's structure, objectives, risks, and fees before its public offering.)

Solana

A high-performance blockchain platform designed for decentralized applications and cryptocurrencies. (The underlying digital asset that the Bitwise Solana ETF aims to provide exposure to.)

CME CF Solana – Dollar Reference Rate – New York Variant

A benchmark rate for the price of Solana in U.S. dollars, calculated by CME Group and CF Benchmarks. (The official pricing benchmark the Trust will use to track the value of Solana.)

Staking

The process of actively participating in transaction validation (consensus) on a proof-of-stake blockchain like Solana to earn rewards. (A secondary objective of the Trust to generate additional Solana holdings through this mechanism.)

Basket

A standard block of creation units (100,000 Shares in this case) used by authorized participants to create or redeem ETF shares. (The mechanism through which the Trust will acquire its initial Solana holdings and how future creations/redemptions will occur.)

Unitary Management Fee

A single fee charged by the sponsor to cover all management and operational expenses of the Trust. (The fee structure for the Trust, which will be a percentage of its Solana holdings.)

Emerging Growth Company

A company with total annual gross revenues of less than $1.235 billion during its most recently completed fiscal year. (Indicates the Trust qualifies for certain regulatory accommodations but has opted out of extended transition periods for accounting standards.)

Year-Over-Year Comparison

As this is an amendment to an initial registration statement, a direct comparison of financial metrics like revenue or net income to a prior year is not applicable. The key changes would be in the refinement of the Trust's operational structure, fee details, and risk factor disclosures as it moves closer to launch.

Key Financial Figures

• $200 — eed Capital Investor agreed to purchase $200 in Shares on September 17, 2025, and on
• $25 — ery of 8 Shares at a per-Share price of $25 (the “Seed Shares”). The $2
• $2,500,000 — chase the initial Baskets of Shares for $2,500,000, at a per-Share price of $25 for these
• $1.235 billion — uo; upon the earliest of (i) its having $1.235 billion or more in annual revenues, (ii) at lea
• $700 million — more in annual revenues, (ii) at least $700 million in market value of Shares being held by
• $1.0 billion — affiliates, (iii) its issuing more than $1.0 billion of non-convertible debt over a three-ye
• $100,344,506,829 — , Solana had a market capitalization of $100,344,506,829. Although Solana Labs and the Solana F

Filing Documents

• ea0258733-s1a4_bitwise.htm (S-1/A) — 1266KB
• ea025873301ex3-3_bitwise.htm (EX-3.3) — 6KB
• ea025873301ex3-4_bitwise.htm (EX-3.4) — 223KB
• ea025873301ex5-1_bitwise.htm (EX-5.1) — 11KB
• ea025873301ex10-1_bitwise.htm (EX-10.1) — 26KB
• ea025873301ex10-2_bitwise.htm (EX-10.2) — 242KB
• ea025873301ex10-3_bitwise.htm (EX-10.3) — 63KB
• ea025873301ex10-4_bitwise.htm (EX-10.4) — 316KB
• ea025873301ex10-5_bitwise.htm (EX-10.5) — 15KB
• ea025873301ex10-7_bitwise.htm (EX-10.7) — 155KB
• ea025873301ex10-8_bitwise.htm (EX-10.8) — 115KB
• ea025873301ex10-9_bitwise.htm (EX-10.9) — 80KB
• ea025873301ex10-10_bitwise.htm (EX-10.10) — 51KB
• ea025873301ex10-11_bitwise.htm (EX-10.11) — 184KB
• ea025873301ex23-1_bitwise.htm (EX-23.1) — 2KB
• image_001.jpg (GRAPHIC) — 2KB
• image_002.jpg (GRAPHIC) — 2KB
• ex5-1_001.jpg (GRAPHIC) — 12KB
• ex10-4_001.jpg (GRAPHIC) — 5KB
• ex10-7_001.jpg (GRAPHIC) — 2KB
• ex10-8_001.jpg (GRAPHIC) — 12KB
• ex10-9_001.jpg (GRAPHIC) — 33KB
• ex23-1_001.jpg (GRAPHIC) — 2KB
• ex23-1_002.jpg (GRAPHIC) — 2KB
• 0001213900-25-092427.txt ( ) — 2853KB

Risk Factors

Risk Factors 12 Solana, Solana MARKET AND REGULATION OF Solana 76 THE TRUST AND Solana PRICES 83 staking 89 Calculation of NAV 91 ADDITIONAL INFORMATION ABOUT THE TRUST 93 The Trust’s Service Providers 98 Custody of the Trust’s Assets 100 THE PRIME EXECUTION AGENT AND the TRADE CREDIT LENDER 102 Form of Shares 109 Transfer of Shares 109 SEED CAPITAL INVESTOR 110 Plan of Distribution 110 Creation and Redemption of Shares 111

Use of Proceeds

Use of Proceeds 117 118 Conflicts of Interest 118 FIDUCIARY AND REGULATORY DUTIES AND OBLIGATIONS OF THE SPONSOR 119 Liability and Indemnification 121 Provisions of Law 123 Management; Voting by Shareholders 123 Meetings 123 Books and Records 124 124 Fiscal Year 124 GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION 124 Legal Matters 124 Experts 125 Material Contracts 125 UNITED STATES FEDERAL INCOME TAX CONSEQUENCES 132 Purchases By Employee Benefit Plans 138 Information You Should Know 139 SUMMARY OF PROMOTIONAL AND SALES MATERIAL 140 Intellectual Property 140 Where You Can Find More Information 140 Privacy Policy 140 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM F-1 F-2 This Prospectus contains information you should consider when making an investment decision about the Shares. You may rely on the information contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted. The Shares are not registered for public sale in any jurisdiction other than the United States. i

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Prospectus includes “forward-looking by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Prospectus that address activities, events, or developments that will or may occur in the future, including such matters as movements in the digital asset markets, the Trust’s operations, the Sponsor’s plans, and references to the Trust’s future success and other similar matters, are forward-looking assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions, and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions is subject to a number of risks and uncertainties, including: the special considerations discussed in this Prospectus; general economic, market and business conditions; technology developments regarding the use of Solana and other digital assets, including the systems used by the Sponsor and the Trust’s custodian in their provision of services to the Trust; changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies; and other world economic and political developments, including, without limitation, global pandemics and the societal and gover

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View this S-1/A filing on SEC EDGAR