Inside Bitwise’s tokenized Solana ETF plan and what comes next

Bitwise Asset Management and Superstate announced a partnership to explore tokenized shares for selected Bitwise funds.

Under the proposed model, tokenization would only change how fund ownership was recorded. Investors would purchase the same shares through existing channels. They would also retain the same legal and economic rights.

Afterward, shareholders could choose between two ownership records.

The first would use traditional book-entry form through the Depository Trust Company [DTC]. The second would record ownership on a blockchain through Superstate’s transfer-agency infrastructure.

Is this a good game for Solana staking ETFs? 

This is a good step for the Solana [SOL] staking ETF, as tokenized shares would not turn into freely traded cryptocurrency tokens. Rather, they would serve as a blockchain representation of conventional ETF ownership, with investors maintaining their current ownership and rights.

Instead of being able to be transferred to other wallets or traded on decentralized exchanges, the shares would stay in Superstate’s transfer-agency system. Subject to regulatory approval, Bitwise may use BSOL as its initial test case. If the model is successful, it may be extended to other ETFs. 

Multicoin shuts the door to the $1.65 billion Solana treasury

Meanwhile, despite having assisted in the establishment of Forward Industries’ $1.65 billion Solana treasury plan in 2025, Multicoin Capital has now fully withdrawn its disclosed investment in the company.

Yet, the departure does not imply that Forward is leaving Solana. This is because about 7.81 million SOL equivalents were held by the 3rd of August, as Forward continued to accumulate SOL. 

This occurs as the price of SOL was up 3.64% over the previous week, trading at $75.57 at press time. However, in the past year, the price has declined by 57% as previously reported by AMBCrypto. Meanwhile, the Solana ETF space has been recording monthly inflows in 2026, except for June, which saw outflows worth $786.58K. 

Final Summary

• With BSOL as their first target, Bitwise and Superstate are investigating tokenized ETF shares.
• Forward’s Solana treasury is still growing, reaching roughly 7.81 million SOL equivalents.