- Bitwise amends its U.S. Solana ETF filing to include staking and a low 0.20% annual management fee.
- Analysts say the aggressive pricing underscores a growing fee war across crypto ETFs.
- Competing products include REX-Osprey’s SSK at 0.75% and earlier fee moves from VanEck and Grayscale.
- Industry watchers flag BlackRock’s silence and see potential mid-October approvals, pending regulatory timelines.
Bitwise has tweaked its U.S. filing for a Solana exchange-traded fund, introducing staking and setting an annual management fee at 0.20%. The pricing move, paired with a physically backed structure, positions the product squarely in the spotlight as issuers jostle for investor attention.
Market watchers say the decision is a clear signal that competition on costs is intensifying. As one veteran ETF analyst put it, ultra-lean fees tend to pull in assets, and Bitwise appears intent on meeting the market where it’s headed rather than waiting for rivals to force its hand.
What Bitwise changed in its Solana ETF plan
The amended filing outlines a 0.20% annual management fee and adds a staking component to the proposed U.S.-listed Solana (SOL) ETF. Bitwise describes the product as fully physically backed by spot SOL, aiming for tight tracking and operational simplicity that investors often prefer in single-asset crypto funds.
With the fee set at 0.20%, the fund lands roughly in the middle of what’s become a common range across crypto ETFs, typically around 0.15% to 0.25%. The inclusion of staking is notable, as it seeks to capture on-chain yield within a regulated wrapper while keeping the product design straightforward.
The fee race across crypto ETFs
The broader backdrop here is an ongoing fee war. Ahead of January 2024’s U.S. spot bitcoin ETF launches, VanEck temporarily waived fees and later extended that waiver to January 2026 for up to $2.5 billion in assets under management. Grayscale’s Bitcoin Mini Trust set a low 0.15% sponsor fee, underlining how aggressively issuers have been competing on price.
On the Solana side, the first U.S. staking ETF—the REX-Osprey Solana Staking ETF (SSK)—finished its debut day with about $12 million of inflows. That fund charges a 0.75% management fee, a level that now looks relatively high next to Bitwise’s proposal.
Tracking and structure under the microscope
Analysts have flagged tracking quality as a key differentiator. Commentary around SSK noted periods of underperformance versus spot SOL of roughly 12%, though that gap has narrowed more recently. Bitwise says its fully collateralized, spot-backed structure is designed to keep slippage tight and tracking error low.
While fees draw the headlines, the nuts and bolts of index replication, staking operations, and liquidity management ultimately determine day-to-day results. For investors comparing options, stability of tracking and operational transparency can matter as much as the headline expense ratio.
Industry reactions and the BlackRock question
ETF analysts read Bitwise’s move as a classic case of setting the pace early. One prominent voice characterized the pricing as an assertive, preemptive strike in a market where issuers often converge at the low end over time. The gambit is simple: make the fund attractive from day one and let flows follow.
Meanwhile, the industry continues to wonder why BlackRock hasn’t filed for a Solana ETF. Analyst James Seyffart cautioned that a last-minute submission to launch alongside prepared issuers would be chaotic, given the heavy lifting others have done with the SEC to get products ready.
Approval timelines and what to watch next
Some specialists have floated the possibility that several Solana staking ETF filings could secure U.S. approval by mid-October. That said, regulatory bandwidth and staffing can affect timing, so the path from filing to first trade isn’t always linear.
As the calendar advances, keep an eye on fee disclosures, staking mechanics, and any updated guidance from the SEC. Together, these variables will shape how quickly products hit the market—and whether Bitwise’s 0.20% price point becomes the new benchmark or just an opening salvo.
Bitwise’s refreshed plan blends a low headline fee, a fully spot-backed design, and staking to go after a crowded opportunity set. If industry history is any guide, cost leadership paired with clean tracking can be a potent mix, but final outcomes will hinge on approvals, market liquidity, and how fast competing issuers adjust their own pricing.
