0/ Today @BitwiseInvest launched $BSOL with $220M in the fund, the first ever SEC approved @solana staking ETF with 100% of the underlying SOL staked

1/ Since May of 2018, ETH has had one major structural advantage over SOL: it was explicitly not a security, per a speech from then SEC Commissioner Bill Hinman

2/ For the last 5.5 years since the Solana network launched, SOL (and the rest of crypto) have lived in a gray zone, in which it wasn't clear if SOL was or was not a security Today that changes definitively. SOL is not a security SOL is competing on a level playing field

3/ Most of CT can't appreciate this, but the substantial majority of capital in the world was legally not allowed to trade or own SOL... until today

4/ Last week I was talking with a senior PM at one of the most famous trading firms in the world, and he told me that they can only trade BTC and ETH on CME. They weren't even allowed to own spot or ETF versions of BTC and ETH They were not allowed to trade SOL on CME either

5/ All of this changes today. Truly a watershed moment The amount of available capital that can now buy SOL that could not previously is tremendous

6/ The other obvious source of capital flow into SOL is the ETH ETFs There is roughly ~$25B in ETH ETFs today. I think it's fair to assume that the substantial majority of that capital was legally unable to own SOL... until today

7/ Any serious investor who owns ETH now must at least consider SOL, and do their homework I think in the most conservative case, most of those investors will choose to market cap weight between SOL and ETH, which is roughly 1:5 ratio

8/ But given the overwhelming evidence in favor of SOL (trading volumes, fees paid, apps, stablecoin transfers, and just usability), I suspect many of them will overweight SOL in their reweightings

9/ Plus, you know, ~6-6.5% staking yield

10/ Going into Breakpoint, Solana's annual developer conference in ~6 weeks, it is reasonable to expect a flurry of announcements from all the major ecosystem teams (they do this every year)

11/ Incredibly excited about where the Solana ecosystem is today. Very bright future ahead, and with that will come a massive influx of capital {fin}