Bitwise Solana ETF Draws $223M on First Day of Trading
Strong Debut for First U.S. Solana Staking Fund
Investor demand for staking-based platform-traded funds in the United States is off to a quick begin. The Bitwise Solana Staking ETF (BSOL), which began trading on Tuesday, drew about $222.8 million in assets on its first day, according to Bloomberg Intelligence senior ETF analyst Eric Balchunas.
Balchunas described the launch as unusually large for a crypto ETF debut, suggesting that institutional investors are becoming more comfortable with staking exposure. “For a first-day haul, this is right up there with some of the largeger crypto ETF openings we’ve viewn,” he said in a post on X (formerly Twitter).
The fund offers exposure to Solana (SOL), which traded around $191.64 on Tuesday, and includes an estimated 7% annual yield generated from staking rewards earned on the Solana blockchain. BSOL is the first Solana ETF approved for trading in the U.S. market.
Investor Takeaway
Regulatory Green Light Opened the Door
The debut follows months of regulatory hesitation over how staking income should be treated under . On May 29, the SEC’s Division of Corporation Finance issued a staff statement clarifying that some proof-of-stake (PoS) activities do not qualify as securities offerings. In August, the agency extended that guidance to certain liquid staking programs, paving the way for ETFs like BSOL to move ahead.
Bitwise had already launched a similar Solana staking product in Europe last year, but postponed a U.S. version amid those regulatory questions. The company’s U.S. fund now arrives just weeks later than the REX-Osprey Solana Staking ETF (SSK) began trading on June 30 with roughly $12 million in first-day volume.
Bitwise is one of the leading U.S. issuers of crypto-linked ETFs, with funds tied to BTC, Ether and other digital assets. The Solana launch adds a new option for investors viewking staking yield within a regulated wrapper.
Market Context and Institutional Demand
The product’s reception comes amid a broader wave of crypto ETF launches this year. U.S. spot BTC ETFs set records in ahead 2024, pulling in tens of billions of dollars in inflows. Spot Ether ETFs saw sluggisher initial uptake but have since gained traction as market sentiment improved through mid-year.
Analysts say investors are now looking beyond BTC and Ether toward alternative networks such as Solana, Avalanche and XRP. In January, JPMorgan projected that Solana and XRP ETFs could attract between $3 billion and $8 billion in inflows within six months of listing, based on adoption trends from earlier crypto fund launches.
Staking-focused ETFs allow investors to earn yield from while avoiding the operational complexity of running staking nodes or managing tokens directly. The structure appeals to institutions viewking yield in a regulated environment later than years of limited access to crypto-native returns.
Investor Takeaway
What’s Next for Crypto ETFs
Analysts expect other issuers to follow Bitwise’s lead. Several asset managers have filings pending for staking-related products tied to networks including Polkadot, Cardano and Chainlink. The SEC’s new framework has lowered the barrier to entry, though it still requires issuers to prove that staking income and Block confirmer participation comply with federal and state investment laws.
For now, Bitwise’s Solana fund stands out as an ahead test of appetite for staking exposure in the U.S. ETF market. The firm’s ahead success could accelerate approvals for similar products as fund managers and regulators viewk to expand the range of crypto-linked offerings available to institutional investors.
