Bitwise Asset Management is partnering with Superstate to develop a way for investors to hold shares of certain Bitwise funds in tokenized form.

The move aims to bring blockchain-based ownership to the ETF market.

Under the proposed framework, tokenization would change only how ownership is recorded. Investors would continue to own the same fund shares with identical rights, while choosing between traditional book-entry records through The Depository Trust Company or tokenized records maintained through Superstate’s transfer agency infrastructure.

Bitwise expects the Bitwise Solana Staking ETF (NYSE:BSOL) to be the first fund that could offer the tokenized-share option, although availability remains subject to legal and regulatory requirements.

QUICK CONTEXT: ETF Ownership Goes Onchain

The move reflects a broader push to bring traditional financial assets onto blockchain infrastructure without necessarily changing the underlying investment product. For ETF investors, Bitwise’s proposal is notable because the tokenized version would represent the same fund shares rather than a separate crypto asset.

If implemented, investors in eligible Bitwise funds could retain the same economic and shareholder rights while gaining an alternative blockchain-based method of recording ownership. The tokenized shares, however, would not be freely transferable outside Superstate’s designated recordkeeping system, thereby limiting their functionality relative to freely tradable cryptocurrencies.

Bitwise manages about $9 billion in client assets across more than 70 investment products, giving it a potentially meaningful footprint in the crypto ETF market.

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