ETF analyst Eric Balchunas stated that the asset management company Bitwise has decided to set a fee rate of 0.20% for its revised U.S. Solana ETF application, which now includes staking features. This may indicate how fierce the competition among ETF issuers could be.
"I thought we would see higher rates first, needing a war to bring them down this low," Balchunas said in a post on X on Wednesday. "They might think it will eventually drop to this level anyway, so they are just doing it now," he added, calling it a "veteran gladiator move."
On Wednesday, Bitwise revised its application documents with the U.S. Securities and Exchange Commission (SEC), updating the proposed Solana (SOL) ETF to include a 0.20% annual management fee and staking features. This fee is in the moderate range for most cryptocurrency ETFs, typically between 0.15% and 0.25%.
"Low fees have an almost perfect record in attracting investors, so this is a good sign for inflow potential," Balchunas explained.
Before the potential launch of cryptocurrency ETFs, industry attention often focuses on which ETF issuers will offer the lowest fees.
Competition is particularly fierce ahead of the debut of the U.S. spot Bitcoin (BTC) ETF in January 2024, when asset management company VanEck waived all fees and later extended the free period until January 2026 for up to $2.5 billion in managed assets. Meanwhile, Grayscale Bitcoin Mini Trust (BTC) set an annual sponsor fee of 0.15%.
On July 2, the first U.S. Solana staking ETF—REX-Osprey Solana Staking ETF (SSK)—saw $12 million in inflows by the end of its first trading day. SSK has an annual management fee of 0.75%.
However, Balchunas pointed out that Bitwise's proposed product is cheaper, has better tracking performance, and is 100% backed by physical Solana spot assets. "SSK is full of tracking issues like a futures ETF. It lags behind spot Solana by 12%—although it has improved over the past month," he said.
Cryptocurrency commentator "Magoo PhD" echoed a question recently raised by many: why the world's largest asset management company BlackRock "has not applied for a SOL ETF."
ETF analyst James Seyffart recently stated that it would be "very bad" if BlackRock submitted a last-minute application to launch alongside other issuers after other companies had already done significant work with the SEC to prepare their products for listing.
ETF analyst Nate Geraci predicted on September 26 that several Solana ETF applications with staking features could receive U.S. approval by mid-October.
Related: Peter Brandt: Bitcoin (BTC) could see a "dramatic" price surge if it does not peak at a critical moment.
Original article: “Solana ETF Competition Heats Up: Bitwise Makes a Serious Move with 0.20% Ultra-Low Fee”
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