Bitwise’s Solana ETF Shatters Records with $69.5M Debut, Leaving Rival Funds in the Dust
Wall Street just got a crypto wake-up call—and it's wearing Solana colors.
The Blockbuster Opening
Bitwise's new Solana ETF exploded onto the scene with $69.5 million in initial inflows, instantly becoming the talk of financial districts. This isn't just another crypto product launch—it's a statement about where institutional money sees real potential.
Outpacing the Competition
While rival funds stumbled out of the gate, Bitwise's offering demonstrated what happens when you combine solid blockchain fundamentals with Wall Street packaging. The numbers don't lie—$69.5 million versus whatever the competition managed to scrape together.
The New Institutional Darling
Solana's high-speed transactions and growing developer ecosystem finally got the Wall Street stamp of approval. Turns out, even traditional finance types can recognize technological superiority when it's wrapped in an ETF wrapper.
Another day, another crypto product that proves the old guard is playing catch-up while digital assets rewrite the rulebook. Who needs slow-moving traditional finance when blockchain moves at the speed of light?
Key differences between BSOL and SSK
The divergent inflows provide a glimpse at how investors are weighing the funds' differing structures and fee models.
BSOL offers direct spot Solana exposure, with all assets staked in-house, aiming to pass along the network's full staking yield—approximately 7%—to investors, its Monday announcement reads.
The fully spot Solana ETF launched on the New York Stock Exchange with a highly competitive 0.20% management fee, waived for the first three months.
In contrast, the SSK fund provides diversified exposure.
About 54% of SSK’s portfolio is allocated to direct Solana holdings, 43.5% to the CoinShares Physical Staked Solana ETP listed in Switzerland, with the remainder in JitoSOL, short-term government obligations, and cash or other assets, according to its official website.
Its staking rewards are distributed monthly and are currently classified as a return of capital for tax purposes. SSK carries a total expense ratio of 0.75% and trades on the Chicago Board Options Exchange.
Grayscale’s GSOL spot ETF, meanwhile, has also received approval and will begin trading on Wednesday, Bloomberg ETF analyst James Seyffart noted.
“I have a feeling the Bitwise Solana Staking ETF, BSOL, is gonna be huge,” Matt Hougan, CIO of crypto index fund manager Bitwise Invest, tweeted Tuesday. “Institutional investors love ETFs, and they love revenue. Solana has the most revenue of any blockchain. Therefore, institutional investors love Solana ETFs.”
Still, users of predictions market Myriad, owned by Decrypt's parent company Dastan, see only a 32.7% chance of Solana hitting a new all-time high this year.
Solana is down 3.1% over 24 hours and trading at $194 amid Bitcoin’s 3.2% drop from Tuesday’s high of $116,000, CoinGecko shows.
