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- Bitwise and Superstate are exploring blockchain-based ownership records for selected funds, potentially starting with BSOL.
- Tokenized BSOL shares would retain existing legal and economic rights rather than becoming freely traded crypto tokens.
- Multicoin Capital exited Forward Industries, but the company continued holding and accumulating substantial SOL.
Bitwise Asset Management and Superstate are exploring a new way to represent fund ownership on blockchain, with the Solana Staking ETF (BSOL) potentially serving as an early test case. The proposed system would preserve investors’ existing legal and economic rights while adding blockchain-based ownership records.
The move comes as Solana’s institutional story continues to develop. While Bitwise explores tokenized fund shares, Multicoin Capital has exited its disclosed investment in Forward Industries, the company behind a $1.65 billion Solana treasury strategy.
Bitwise Targets Tokenized ETF Ownership
Under the proposed partnership, tokenization would not transform ETF shares into freely transferable cryptocurrencies. Instead, it would provide an alternative digital record of conventional fund ownership.
Investors would continue buying shares through existing channels and retain the same rights. They could then have ownership recorded either through traditional book-entry infrastructure at the Depository Trust Company (DTC) or on a blockchain through Superstate’s transfer-agency system.
That distinction could be important for regulated investment products. Rather than creating a new freely traded token, the model would connect blockchain infrastructure with an existing financial asset while keeping ownership controls within the transfer-agent framework.
Solana Staking ETF Could Be an Early Test
BSOL could become Bitwise’s initial test case, subject to regulatory approval. If the structure proves effective, the companies could potentially expand the approach to other Bitwise funds.
For Solana, the development adds another institutional use case around regulated investment products. However, tokenization alone does not mean BSOL shares would become available for decentralized trading or transferable between personal crypto wallets.
The proposed structure instead focuses on modernizing how ownership is recorded while maintaining the underlying framework of the ETF.
Multicoin Exits Forward Industries Investment
The tokenization announcement comes alongside a separate development involving Solana-focused treasury activity.
Multicoin Capital, which helped establish Forward Industries’ $1.65 billion Solana treasury strategy in 2025, has fully withdrawn its disclosed investment in the company. The move does not indicate that Forward has abandoned its Solana strategy.
Forward held approximately 7.81 million SOL equivalents as of August 3 and continued accumulating SOL. Meanwhile, SOL was trading at $75.57, up 3.64% over the previous week, although it remained down 57% over the prior year.
Solana ETF flows have also remained a point of interest in 2026. Monthly inflows were recorded during the year except in June, when the sector registered approximately $786,580 in outflows.
Bitwise and Superstate’s tokenization initiative highlights how blockchain technology is increasingly being tested within traditional investment structures. If approved and successfully implemented, BSOL could provide an early example of blockchain-based ETF ownership without changing the fundamental rights attached to the shares.
Also Read: Bitwise ETF Shakes Up Crypto Holdings: Hyperliquid Replaces Polkadot and Avalanche
At the same time, Forward Industries’ continued SOL accumulation suggests institutional interest in Solana remains active despite Multicoin’s exit.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
