Bitwise Solana Staking ETF (BSOL) is a digital asset trust that holds solana (SOL) and stakes it to generate staking rewards for shareholders. The Trust commenced operations on October 23, 2025, and is sponsored by Bitwise Investment Advisers, LLC, which handles day-to-day administration including purchasing and selling solana, processing share creations and redemptions, and instructing the custodian on solana transfers. Revenue to the Trust comes from staking rewards earned by participating in the Solana proof-of-stake network, with $6,009 in staking rewards recorded for the period from October 23, 2025 through December 31, 2025. The Sponsor charges a sponsor fee, and a separate staking fee applies, though both were waived and reimbursed in full during the initial period. BNY Mellon serves as Transfer Agent, Delaware Trust Company serves as Trustee, and KPMG audits the Trust. Paul Fusaro of Bitwise Investment Advisers, LLC serves as Principal Executive Officer.

Revenue model

Staking rewards earned by delegating the Trust's solana holdings to validators on the Solana proof-of-stake network. The Sponsor charges a sponsor fee and a staking fee; both fees were fully waived and reimbursed for the period October 23, 2025 through December 31, 2025, resulting in net expenses of zero for that period.

Products and services

A single exchange-traded product that holds solana and stakes it via the Solana proof-of-stake network. Shares are created and redeemed through authorized participants. The Trust's net asset value is priced using a Pricing Benchmark derived from constituent solana trading venues.

Customers and end markets

Shareholders who gain exposure to solana and solana staking rewards through an exchange-traded structure. Share redemptions totaled 280,008 shares for the period October 23 through December 31, 2025, with average redemption prices ranging from $16.41 to $25 per share.

Value-chain role

Passive holding vehicle and staking trust. The Sponsor purchases and sells solana through a Solana Trading Counterparty under a Trust-Directed Trade Model. Coinbase Credit provides trade financing. The Trust's solana is held in a dedicated custody account.

Source: SEC 10-K, filed 2026-03-20

Industry: Commodity Contracts Brokers & Dealers