Bitwise Solana Staking ETF (BSOL) Stock Analysis
Bitwise Solana Staking ETF
▾ What's in the 32/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read BSOL (Solana fund)
BSOL holds Solana on your behalf — it is not a business, so there are no cash flows to value. Its price tracks Solana. What matters is your view on Solana, the fund's fee, and how close the price trades to the value of the coins it holds.
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Why normal valuation doesn't apply ↓
Solana has no earnings or cash flow — a DCF, P/E or book-value model tells you nothing here. Your return is ~100% the coin's price.
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Anatomy of a share ↓
What one share actually represents in terms of the fund's holdings.
It files little or nothing with the SEC — so our cash-flow models, financial statements, and U.S. insider data (Form 4) don't apply. What's still real: the live U.S. price and short positioning. Here's what we could pull from other sources:
Bitwise Solana Staking ETF
📑 Read the real filings: latest SEC 10-Q ↗
Identity, share count and tier from FINRA + OTC Markets; not a substitute for the home-market financial statements. Thin U.S. disclosure + OTC trading is itself a risk factor.
How to value BSOL
Bitwise Solana Staking ETF isn't a business — it's a fund that holds Solana on your behalf. There are no revenues, earnings, or cash flows to discount, so a DCF, P/E, or book-value model tells you nothing. Each share represents a fixed slice of the fund's Solana, so the price simply tracks the price of Solana (minus a small annual fee). An intrinsic-value "verdict" would be meaningless here, so we don't show one.
- Your view on Solana — that's ~100% of the return. This page can't tell you whether Solana itself is cheap or expensive.
- Expense ratio — the annual fee skims your holding every year. Spot Solana funds range from ~0.12% to ~1.5%; for a long hold, lower is better.
- Premium / discount to NAV — aim to pay close to the value of the coins the fund holds, not a markup over them.
- Structure & custody — a modern spot ETF vs an older trust, and who actually custodies the coins.
Crypto is highly volatile and speculative. Educational only — not investment advice.
How does BSOL stack up against its closest peers?
We take the 8 same-industry companies most similar to BSOL (similar size) and check what investors are paying for each dollar of their revenue (or profits). If BSOL is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (8)
| Ticker | Company | Industry | Mcap | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|
| SPPP | SPROTT PHYSICAL PLATINUM & PALLADI | Investment Banking | $650M | — | 44.7% |
| GSG | iShares S&P GSCI Commodity-Indexed | Investment Banking | $991M | 28.9x | 5.8% |
| ETHB | iShares Staked Ethereum Trust ETF | Investment Banking | $561M | — | — |
| FXF | Invesco CurrencyShares Swiss Franc | Investment Banking | $520M | — | — |
| SVIX | VS Trust | Investment Banking | $1.2B | — | — |
| FGDL | Franklin Templeton Holdings Trust | Investment Banking | $498M | — | 6.9% |
| HODL | VanEck Bitcoin ETF | Investment Banking | $1.2B | — | — |
| FXE | Invesco CurrencyShares Euro Trust | Investment Banking | $468M | — | 0.8% |
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Altman Z was calibrated on industrial firms and doesn't apply to banks or insurers — their balance sheets are dominated by loans/securities, not working capital. See the Bank Valuation Lens above for P/B, ROE and ROA — the metrics regulators and analysts actually use to assess bank solvency.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
Piotroski F was built for non-financial firms (gross margin, asset turnover, current ratio all assume an industrial cost structure). For banks, the equivalent quality signals are efficiency ratio, net interest margin, and provision coverage — see the Bank Valuation Lens above.
A standard DCFDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → valuation is not meaningful for BSOL because, as an ETF, it does not generate free cash flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → in the traditional sense, and its valuation is tied directly to its underlying assets. The market is likely focused on the performance of Solana and the staking yield it generates, rather than traditional earnings. The #1 quantifiable risk is the 0/5 franchise/durability score, indicating a lack of inherent competitive advantage.
As of 3 months ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Solana network activity and adoption rates
- Changes in Solana staking reward rates
- Regulatory developments impacting crypto ETFs
Management & Leadership
Bitwise Asset Management, a leading crypto index fund manager, manages the BSOL ETF. Hunter Horsley is the CEO of Bitwise, a firm known for its innovative cryptocurrency investment products since its founding in 2017.
What They Make
BSOL is an exchange-traded fund that provides investors with exposure to Solana (SOL) and the income generated from staking SOL. It is designed for investors seeking a regulated way to access the Solana ecosystem.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: book value & return on equity (P/TBV + ROE — how banks are actually judged) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market prices BSOL based on the underlying value and expected performance of Solana, as well as the anticipated staking yields. Given its nature as an ETF, its valuation is directly tied to the price movements of SOL and the income it can generate, rather than traditional company cash flows. The 0/5 franchise/durability score suggests its pricing is highly sensitive to market sentiment for Solana itself.
Business Model & Valuation
How They Make Money
As an ETF, BSOL funds itself through investor capital and generates returns from its underlying assets and staking activities. It does not engage in traditional dividends or buybacks.
Residual Income
Balance-sheet financial (Investment Banking): residual income model - book value is meaningful anchor.
Show advanced inputs
| Sector Default | 8.0% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project net interest income and fee-income lines independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Geography & Markets
Bitwise Asset Management, the issuer of BSOL, is headquartered in the United States. The ETF's operations and investor base are primarily focused within the US regulatory framework, though Solana is a global blockchain.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)42.0NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (6 notes — click to expand/collapse)
Guardrail Notes (6)
- Financial sector: using residual income model. IV = Book Value + PV(excess earnings).
- INVARIANT: weighted IV is non-positive. Model may not be appropriate.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Illiquidity discount 7% applied (small/micro-cap — harder to exit, demand a margin).
- Model mismatch: residual income inappropriate for asset-light financial (BVPS $0.00 not meaningful vs price $11). Consider FCF model.
- DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From Bitwise Solana Staking ETF's SEC filings (EDGAR).
Balance Sheet
| Total Assets | 641.3M |
| Total Liabilities | — |
| Equity | — |
Similar companies worth a look
Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.