Bitwise taps Superstate to tokenize shares of select crypto funds

Bitwise Asset Management has partnered with Superstate to develop a system that could let investors hold shares of certain Bitwise funds as blockchain-based tokens, with its Solana staking ETF expected to be the first product considered for the structure. Summary Bitwise has partnered with Superstate to develop blockchain based ownership records for shares of certain funds. The Bitwise Solana Staking ETF is expected to be the first fund considered for tokenization, although its launch is not guaranteed. Investors could choose between traditional book entry shares and tokenized shares while retaining the same shareholder rights. The partnership follows Bitwise cutting 14% of its staff, reducing its global headcount to about 155. Bitwise said Thursday that the planned framework would change how ownership of fund shares is recorded without changing the rights attached to the shares or the channels investors use to purchase them. Under the proposed setup, shareholders could choose between holding their shares through the Depository Trust Company in traditional book-entry form or having their ownership recorded on a blockchain using Superstate’s transfer agency infrastructure. “Sharehol...