BSOL vs SOEZ

BSOLABitwise Solana Staking ETF

SOEZAFranklin Solana ETF

In short

BSOL Most spot Solana funds just hold the coin. BSOL holds it and puts part of it to work: staking additional SOL is a stated secondary objective, wrapped in a 0.20% ETF instead of a wallet and a validator you pick yourself.

SOEZ Franklin's entry into the spot Solana pile-up: one asset, no derivatives, staking switched on up to 100% where practicable, at 0.19% with no fee waiver propping up the number.

Stated mandate

BSOL The Trust seeks exposure to the value of Solana it holds, net of operating expenses, and has a secondary objective of obtaining additional Solana through staking.

SOEZ The Fund seeks to track the price performance of Solana, before deducting its expenses.

Why people hold it

• BSOL Two jobs in one ticker: the trust seeks exposure to the Solana it holds, and as a secondary objective aims to obtain additional Solana through staking. No seed phrase, no validator shopping.
• 0.20% a year sits right at the middle of the spot Solana pack: under VanEck's VSOL at 0.30% and a hair below 21Shares' TSOL at 0.21%.
• Trades actively, and tradability is one of its strongest traits versus the rest of the Solana cohort. That matters in a category where getting out cleanly is half the game.

• SOEZ 0.19% gross and net, no waiver doing the work. That undercuts same-index rivals TSOL (0.21%), VSOL (0.30%) and SOLC (0.50%), and matches GSOL (0.19%).
• Seeks to stake as much of the fund's Solana as is practicable, up to 100%, with rewards received back in SOL tokens.franklintempleton.com
• Plain plumbing: Solana held by a custodian, no leverage and no derivatives in the strategy. One asset, nothing else riding along.sec.gov
• Sits in the upper half of its spot Solana peer group while doing exactly what the prospectus says: track Solana's price before expenses.

Worth knowing

• BSOL One coin, full volatility. Value moves with Solana's price, which swings far harder than a diversified stock fund, and the fund's risk profile scores low in our framework.
• Staking is a secondary objective, not a promised yield. Any extra SOL earned stays inside the trust rather than hitting your account: the fund has not paid distributions.
• Young fund, crowded lane. It launched in October 2025, so history is thin, and rivals including Franklin's SOEZ and Grayscale's GSOL are competing hard on fee.

• SOEZ Staked coins aren't instantly liquid. The sponsor expects two to three days to unstake in normal conditions, and may extend settlement or suspend redemptions under stress.sec.gov
• Cheaper exists in the category: MSOL charges 0.14%. SOEZ lands near the peer-group median fee rather than below it.
• Small and thinly traded, so trading costs can run wider than at the category's heavyweights.

Full BSOL profile⁠

Full SOEZ profile⁠