TL;DR:
- Bitwise announced a partnership with Superstate to explore the tokenization of shares in some of its investment funds.
- The Bitwise Solana Staking ETF would be the first tokenized fund under this initiative, though the firm warns there are no guarantees of its launch.
- Tokenization would only change the record of share ownership, without altering investor rights or their usual purchase channels.
Bitwise Asset Management announced a partnership with fintech firm Superstate to develop the capability to tokenize shares in certain funds managed by the firm. According to the press release issued, the company expects the Bitwise Solana Staking ETF to be the first fund to be tokenized under this initiative, though it clarified that there is no guarantee the product will ultimately launch.
Under the framework currently under development, tokenization would only modify the way share ownership is recorded. Investors would retain the same rights and purchase channels currently available.
Bitwise: Asset Records Move Onchain
“Shareholders could choose to hold those shares in traditional form through The Depository Trust Company, or in tokenized form recorded on a blockchain and managed through Superstate’s transfer agency infrastructure,” the firm explained in its press release. Shares held in tokenized format would retain the same rights as those registered in the conventional system, though they would not be freely transferable outside the system based on blockchain.
Superstate works alongside issuers and asset managers to bring securities onchain through platforms that support regulatory issuance, recordkeeping and integration with onchain markets.
Strategy and Internal Adjustments
Bitwise manages more than $9 billion in client assets and offers more than 70 investment products. The firm is undergoing an internal restructuring: earlier this week it confirmed a 14% reduction in its global workforce, bringing its total headcount to 155 employees. Hunter Horsley, CEO of the company, noted that the layoffs are aimed at better positioning the company for sustained growth.
The partnership with Superstate points directly toward the integration of traditional investment products with blockchain infrastructure, without compromising the compliance standards required by the regulated securities market in the United States.
