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CF Benchmarks Newsletter Issue 94

Amid this week’s crypto ETP action, the Bitwise Solana Staking ETF (NYSE: BSOL) is the most significant milestone for several reasons.

Ken Odeluga, CF Benchmarks

• 6 min read
CF Benchmarks Newsletter Issue 94
With a stealthy listing of the first fully stake-enabled Solana ETF, Bitwise news is the main focus
  • Bitwise lists first '33 Act Solana Staking ETF, priced by CFB
  • Birds of a feather: FalconX buys 21Shares
  • BlackRock's CFB-powered IB1T in historic London Stock Exchange listing

Staked

The spate of U.S. digital asset ETF launches that emerged this week were a surprise for less attentive observers, given Washington’s ongoing administrative shutdown.

Either way, with key issuers staking claims to be the first to bring new crypto assets to Wall Street, these developments warrant a closer look.

GLS in Effect

What caught many market watchers off‐guard is that several products moved forward despite SEC staff being largely furloughed.

For the SEC though, the government’s increasingly frequent impasses are set to have less of an impact on the process of certain securities approvals than they did in the past.

The SEC's Generic Listing Standards (GLS) for commodity‐based trust shares (which includes many spot‐crypto ETPs), enacted in September, means exchanges can now list qualifying crypto ETPs faster, and without bespoke 19b‑4 filings.

‘Operation-of-Law’?

Simultaneously, some issuers also deployed the statutory “Operation‑of‑Law” route under Section 8(a) of the Securities Act of 1933. By this means, once a registration statement’s delaying amendment is withdrawn, and the required waiting period expires, the filing becomes effective unless the SEC issues a stop‐order.

In effect: approval can be triggered by silence. The shutdown meant fewer staff to push stop‐orders or force amendments, so some issuers capitalized.

This appears to be the strategy deployed by Canary Capital Group for their HBR, and LTCC ETFs, even though they're registered under the 1940 Investment Company Act.

Canary used the same playbook as REX Osprey, which listed a raft of CF Benchmarks-powered ’40 Act funds over the summer.

Click below to for a sample.

REX-Osprey Launches First US Solana + Staking ETF, Powered by CF Benchmarks - CFB
REX-Osprey Launches First US Solana + Staking ETF, Powered by CF Benchmarks - CFB
CFBCF Benchmarks

Bitwise’s SOL Staking ETF stands out

Amid this week’s crypto ETP action, the Bitwise Solana Staking ETF (NYSE: BSOL) is the most significant milestone for several reasons.

  • First U.S.-listed fully staking‑enabled Solana (SOL) ETF
  • Targets 100% staking participation via institutional‑grade staking services (Bitwise OnChain Solutions in partnership with Helius Technologies)
  • Solana price benchmark: the regulated CME CF Solana‑Dollar Reference Rate – New York Variant (SOLUSD_NY) from CF Benchmarks, the leading UK FCA authorized Benchmark Administrator, and world’s largest crypto index provider
  • First live deployment of staking mechanics by a ’33 Act fund: SOL tokens are held in cold‑storage institutional custody; rewards are credited daily and reinvested into the fund via increasing the entitlement per unit; a “staking service fee” is charged and remaining rewards passed to investors

Click below to read more about the launch of Bitwise’s Solana Staking ETF (BSOL)

Bitwise launches Bitwise Solana Staking ETF, first with 100% SOL exposure, plus staking, priced by CF Benchmarks - CFB
Bitwise launches Bitwise Solana Staking ETF, first with 100% SOL exposure, plus staking, priced by CF Benchmarks - CFB
CFBKen Odeluga

Grayscale “first’ evaporates

Grayscale Investments’ Solana ETF, ticker: GSOL, a conversion of its prior OTC Trust, saw its own listing on NYSE Arca, on October 29th. Grayscale, weeks before the listing was active, publicly claimed to be providing the first staking‐enabled Solana ETF.

For what it’s worth – and experience informs us that first-mover status can be worth a lot in terms of asset-gathering – the “first” staking‑Solana‑ETF label was effectively claimed by BSOL.

What to watch next

The profile emerging from a cursory scan of how the paperwork looked at the time of publication is summarized below.

  • The backlog: estimates suggest ~90+ crypto‑ETPs are awaiting approval, giving clear runway for a second wave
  • Solana: multiple applications still pending (estimated eight filings)
  • XRP: seven ETF applications in the queue
  • Issuers like 21Shares, VanEck, Canary Capital and others have recently amended S‑1s or filed 8‑A forms for listing‐ready positions

For BSOL – referencing CF Benchmarks’ SOLUSD_NY – which this week kicked-off the era of staking ETFs proper, investors can track performance against the most trustable and most liquid external SOL reference methodology.

As more staking funds come to market, it is likely that those ETFs using proven providers, like BSOL – which gathered inflows of $153 million in its first two days of trading – will enjoy a greater implied tailwind of liquidity, governance, and trust, as competition for assets heats up.

Read on for more institutional crypto developments, with CF Benchmarks front and center.

iShares Bitcoin ETP (IB1T) listed on London Stock Exchange

BlackRock's iShares Bitcoin ETP (Ticker: IB1T) launched on the London Stock Exchange (LSEG) earlier this month, becoming one of the first crypto asset ETPs to trade on Britain's key equity trading venue, and the first UK-listed digital asset fund to be issued by the world's largest ETF provider.

It follows the FCA’s recent decision allowing UK investors to access crypto-backed ETPs.

IB1T is 100% physically backed by bitcoin, allowing UK investors to hold Bitcoin through traditional trading accounts. It tracks the CME CF Bitcoin Reference Rate (BRR), striking NAV with the industry’s trusted benchmark for Bitcoin pricing.

Click below to watch our video of highlights from the day!

ChinaAMC lists Hong Kong’s first Solana ETF offering staking rewards, with CF Benchmarks-powered SOL pricing

CF Benchmarks congratulates ChinaAMC upon the launch of the ChinaAMC Solana ETF (3460.HK) marking the next phase of Hong Kong’s evolution as a regulated hub for digital-asset investment.

Built upon the CME CF Solana-Dollar Reference Rate – Asia Pacific Variant (SOLUSD_AP), administered by CF Benchmarks Ltd, the ETF offers investors transparent and compliant exposure to Solana (SOL) — the high-performance blockchain powering a rapidly growing decentralized-application economy.

Crucially, the ETF also becomes Hong Kong’s first Solana ETF to incorporate staking rewards, reflecting a maturing framework that allows on-chain yield to coexist with regulated fund oversight.

Backed by ChinaAMC, one of the largest and longest established ETF issuers operating in Hong Kong, the cutting edge financial innovation that ChinaAMC Solana ETF embodies, is underpinned by an unmatched track record of investment expertise and governance.

Read our complete launch post

FalconX acquires 21Shares

The latest in a growing series of acquisitions – of CF Benchmarks clients, by CF Benchmark clients – is set to accelerate product development and streamline access for investors

FalconX, the U.S.-based digital-asset prime brokerage with over 2,000 institutional clients, and more than US$2 trillion in trading volume, announced on October 22nd it would acquire 21Shares, the Swiss-U.S. crypto ETP powerhouse, managing over $11 billion across 55+ listed products. (Here's Reuters' write-up)

Key details

  • Terms of the transaction weren't disclosed, though reports indicate a mix of cash and equity financing
  • 21Shares will remain independently managed under the FalconX umbrella; no immediate changes to the product line-up are planned
  • It's FalconX’s third major strategic transaction in 2025, underscoring its ambition to be a full-suite infrastructure and investment product provider in digital assets.

Likely drivers

  • 21Shares brings deep product-development and distribution expertise in crypto exchange-traded products (ETPs/ETFs)
  • FalconX offers institutional-grade trading, credit, risk-management and brokerage infrastructure—a platform that can scale listed investment products globally
  • The combined entity is positioned to accelerate the roll-out of regulated crypto investment vehicles (ETFs/ETPs/structured funds) across Europe, the U.S. and APAC—and to compete more directly with large-cap traditional asset managers entering crypto

A new outlook

With the product side of the new entity (21Shares) now tethered to FalconX's deep infrastructure, faster go-to-market for alternative products, including crypto ETPs, seems highly likely. Meanwhile, vertical integration (trading + product + listing) implies a higher bar for competitive differentiation.

We wish our newly-combined client every success.

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