Quick Take
- Bitwise announced that it has partnered with Superstate to explore the tokenization of its funds.
- The crypto asset manager said it expects the Bitwise Solana Staking ETF to be the first fund tokenized under the potential initiative.
Bitwise Asset Management announced on Thursday a partnership with fintech firm Superstate to develop the capability to tokenize shares of certain Bitwise funds.
The firm stated Thursday that it expects the Bitwise Solana Staking ETF (BSOL) to be its first tokenized fund, though there is “no assurance” that it will launch.
Bitwise said that under the framework currently in development, tokenization would change only how share ownership is recorded, while investors would retain the same rights and purchasing channels.
“Shareholders could then elect to hold those shares either in traditional book-entry form through The Depository Trust Company or in tokenized form recorded on a blockchain and maintained through Superstates transfer agency infrastructure,” Bitwise explained.
Shares held in tokenized form would carry the same rights as those in book-entry form, though they would not be freely transferable outside the blockchain-based system.
Bitwise holds more than $9 billion in client assets and more than 70 investment products. Superstate partners with issuers and asset managers to bring securities onchain through platforms supporting compliant issuance, recordkeeping and onchain market integration.
Earlier this week, the crypto asset manager confirmed that it cut 14% of its staff, trimming its global headcount to 155. Bitwise CEO Hunter Horsley told The Block that the layoffs would further equip the firm for its ongoing growth.
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