Bitwise Asset Management announced a partnership with Superstate to build tokenized share capabilities for selected Bitwise funds. The Bitwise Solana Staking ETF, BBSOL, could become the first fund under the framework. Meanwhile, Forward Industries reported a $69 million Q3 loss as its Solana-heavy balance sheet absorbed digital asset losses and impairments.
Bitwise said tokenization would change how ownership records appear rather than alter investor rights or purchasing channels. Shareholders could keep shares through traditional Depository Trust Company book-entry records or choose blockchain-recorded shares through Superstate’s transfer agency infrastructure.
The tokenized shares would carry the same rights as traditional book-entry shares. Still, holders could not freely transfer them outside the blockchain-based system that supports the tokenized structure.
Superstate works with issuers and asset managers on compliant securities issuance, recordkeeping, and on-chain market integration. Bitwise manages more than $9 billion in client assets across more than 70 investment products.
Earlier in the week, Bitwise also confirmed a 14% staff reduction that brought global headcount to 155. CEO Hunter Horsley said the cuts would better equip the company for continued growth.
Forward Industries shares fell about 6% to $4.14 into Friday’s close after the company released its latest earnings. The company posted $10.8 million in revenue and a $69 million Q3 net loss.
Digital asset losses reached $49.8 million, while Solana-related impairments totaled $15.2 million. Those charges accounted for much of the quarterly pressure as the company maintained a concentrated Solana treasury strategy.
The balance sheet held $576.6 million in SOL and related digital assets, compared with $11 million in cash. Forward Industries also carried $105 million in debt secured against those holdings.
Can Forward Industries sustain its Solana treasury model while recurring losses and secured borrowing continue to pressure its balance sheet?
Also Read: Bitwise CIO Says Tokenized Stocks Could Transform Trading
Forward Industries increased its SOL holdings to 7.6 million by June 30 and 7.8 million by early August. Fully diluted SOL per share rose from 0.0669 in March to 0.0730 in June and 0.0754 in August. Nearly all SOL remained staked, linking the treasury strategy to staking income and trading activity. The company reported a 62.2% gross margin on $10.8 million in quarterly revenue.
Capital allocation also reduced the fully diluted share count by about 1.7 million as buybacks exceeded limited at-the-market issuance. That reduction supported the company’s focus on increasing SOL exposure per share. At the same time, selling, general, and administrative expenses reached $7.4 million. Management targeted a $4.8 million SG&A run rate excluding stock-based compensation as earnings remained sensitive to Solana prices and staking economics.
Bitwise is developing tokenized fund-share infrastructure with Superstate, with BBSOL serving as its first possible product. At the same time, Forward Industries continues expanding SOL per share while carrying large digital asset exposure, debt, and quarterly losses. The next key developments involve BBSOL’s potential launch and Forward Industries’ treasury performance.