After Bitwise's fund exceeded $56 million in trading volume on its first day on the New York Stock Exchange, the Solana staking exchange-traded fund shows promising prospects in traditional securities markets.
Bitwise Chief Investment Officer Matt Hougan described the Bitwise Solana Staking ETF (BSOL) as "the missing part of the puzzle" during an interview on Cointelegraph's "Chain Reaction" daily show, where the product attracted millions of dollars in investments on the NYSE.
So, @BitwiseInvest Solana Staking ETF totalled $56M in trading volume after its debut on @NYSE 💰As @EricBalchunas reported, it's the biggest ETF debut in 2026.@Matt_Hougan described $BSOL as "the missing part of the puzzle".Here's why @solana staking ETFs WILL attract… pic.twitter.com/syFGy6Dwm9
Hougan stated that prior to this, investors earned more by holding Solana through direct staking of assets and earning yields than by investing in ETFs or products that do not allow staking.
"Once you put it into an ETF, you get all the benefits of the ETF. Extremely low costs, institutional custody. You can buy it in a brokerage account. It's as easy as pushing a button. And the staking work is done for you," Hougan said.
Hougan explained the difference between traditional crypto ETFs (like Bitcoin and Ethereum products) and staking ETFs, with the former primarily providing investors exposure to the underlying assets. As Hougan explained, staking ETFs offer investors dual benefits.
He noted that the product also helps to decentralize and protect the Solana network. At the launch of the BSOL ETF, assets reached $222 million, equivalent to over 1.1 million SOL tokens.
Bloomberg senior ETF analyst Eric Balchunas reported that Bitwise's SOL staking ETF had the largest trading volume on its first day in 2025.
Hougan also viewed the shift in the U.S. regulatory stance as a catalyst for the Solana staking ETF finally receiving the green light. During Gary Gensler's tenure as SEC chairman, Bitcoin and Ethereum ETFs took years to gain regulatory approval.
The Bitwise executive stated that without a significant change in the U.S. regulatory attitude towards the cryptocurrency industry, the Solana staking ETF would be "impossible" to achieve.
"Even unstaked Solana would be impossible, right? We barely got Ethereum through Gary Gensler's eye of the needle," Hougan said. "And you can't get anything else through that eye. Then on top of that, adding staking makes it even more complex."
He mentioned that many complexities also trouble regulators, including liquidity and tax implications. However, the launch of BSOL and Grayscale's Solana Trust ETF (GSOL) is likely to open doors for other traditional financial investment products related to proof-of-stake protocols.
"We not only did this now, but it also opens the door for various other ETPs with staking capabilities. So this is like a significant proof of concept in the history of U.S. crypto ETPs."
Related: Grayscale launches Solana (SOL) ETF, competing with Bitwise in the staking ETF market
Original article: “Bitwise CIO: Solana Staking ETF is ‘the missing part of the puzzle’”
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