$69.5M in a Day: Is Bitwise’s Solana ETF the New Crypto Favorite?

TLDR

• Bitwise Solana ETF recorded $69.5 million in inflows on its first day of trading.
• The fund outperformed its closest competitor SSK which saw only $12 million in debut inflows.
• BSOL offers full spot exposure to Solana and stakes all tokens directly to earn yield for investors.
• Bitwise waived the 0.20 percent management fee for the first three months of trading.
• SSK holds a mix of direct Solana, Swiss-listed staked Solana ETP, and other assets.

The Bitwise Solana ETF (BSOL) attracted $69.5 million in inflows during its first trading session. This amount surpassed all other Solana ETF launches, making BSOL the largest by first-day volume.

BSOL’s inflows were almost six times higher than its closest competitor, Rex-Osprey’s SSK ETF. Data from Farside confirms BSOL’s $69.5 million versus SSK’s $12 million on debut. BSOL now leads in Solana ETF offerings, drawing institutional and retail investors seeking direct Solana exposure. The ETF began trading Tuesday on the New York Stock Exchange.

Bitwise’s BSOL Offers Direct Staking Strategy

Bitwise structured BSOL as a spot ETF, directly holding and staking Solana tokens. The staking generates an annual yield of around 7%, which is passed on to investors.

Kyle Samani, managing partner at Multicoin Capital, called the launch “a watershed moment” for institutional access to Solana. He stated,

Bitwise waived BSOL’s 0.20% management fee for the first three months. This may have contributed to investor interest in the launch.

Matt Hougan, Bitwise CIO, emphasized the appeal of Solana’s revenue generation. He said,

Solana ETF Market Heats Up Fast

In contrast, the Rex-Osprey Solana Staking ETF (SSK) follows a diversified strategy. Only 54% of SSK’s portfolio is held in direct Solana.

The fund also includes 43.5% exposure to CoinShares’ staked Solana ETP listed in Switzerland. Its remaining assets are split between JitoSOL, government securities, and cash.

SSK pays staking rewards monthly and classifies them as return of capital for taxes. It trades on the Chicago Board Options Exchange with a 0.75% expense ratio.

SSK’s different allocation approach may appeal to investors seeking indirect Solana exposure. Its strategy spreads risk across several instruments rather than staking it entirely.

Grayscale’s Solana ETF (GSOL) is scheduled to launch trading on Wednesday. It becomes the third fund to offer regulated access to Solana. As new ETFs launch, competition for investor interest in Solana ETF products continues. Bitwise now holds an early lead in that race. According to CoinGecko, Solana (SOL) is trading at $194, down 3.1% over the past 24 hours. Bitcoin also declined 3.2%, now priced near $116,000.

Western Union plans to launch the US Dollar Payment Token (USDPT) on the Solana blockchain by early 2026. The token, issued by Anchorage Digital Bank, will focus on fast and low-fee global payments.

The post $69.5M in a Day: Is Bitwise’s Solana ETF the New Crypto Favorite? appeared first on CoinCentral.