Bitwise taps Superstate to tokenize ETF shares

Bitwise Asset Management has partnered with Superstate to build the capability to tokenize shares of select Bitwise funds, starting with the Bitwise Solana Staking ETF (BSOL). Superstate's transfer agency infrastructure would record ownership on a blockchain as an alternative to the traditional book-entry system run through the Depository Trust Company. Bitwise said there is no assurance that tokenization of BSOL will ultimately launch, and other funds may follow depending on how the pilot goes.

The framework changes only how ownership is recorded, not the underlying security: tokenized shares carry the same rights, the same purchasing channels and the same regulatory status as their book-entry counterparts. Investors would be able to choose between holding shares in the conventional DTC system or in tokenized form, with Superstate handling the transfer-agent functions in either case.

Framing this as a recordkeeping change rather than a new asset class is a deliberate hedge against the securities-law questions that have slowed other tokenization efforts.