ETFs and blockchain have taken another step closer: asset manager Bitwise is partnering with fintech company Superstate to test turning some ETF holdings into “tokenized shares.” 📊

Specifically, it involves running the blockchain ledger in parallel with the traditional stock transfer agent’s register, exploring whether on-chain accounting can replace part of the traditional record-keeping process—while the underlying assets investors actually hold remain completely unchanged. The news was announced on Thursday and involves its $861 million Solana Staking ETF.

Basically: the ETF shares you buy in the future may also be an on-chain token at the same time. The benefits are higher transparency, faster settlement, and the ability to connect with the DeFi ecosystem; the downsides are that regulation and custody need to be reworked, and it’s not something that can be done in a couple of days.

The significance of this is in the signal: traditional financial giants are starting to seriously dip their toes into RWA (real-world asset tokenization on-chain). Bitwise isn’t the first, and it certainly won’t be the last—from BlackRock’s tokenized fund to major investment banks trialing on-chain bond issuance—traditional capital is voting with its feet.

For retail investors, don’t expect to be able to buy on-chain ETFs immediately in the short term, but this trendline is worth watching: when Wall Street assets begin to “go on-chain,” the wall between crypto and traditional finance is being dismantled brick by brick. 🚀

Of course, tokenized ETFs also have their own issues: on-chain custody, settlement, and compliance are still in the adjustment phase. If anything goes wrong in any part, it could slow down the rollout pace—so treat it as a trend signal, not a short-term speculative theme to chase.

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