Bitwise Launches Spot Solana Staking ETF with $220M on First Day
U.S. spot Solana ETFs saw $421 million in inflows in their first week, with Bitwise’s BSOL leading despite SOL’s sharp price drop and broader crypto fund outflows.
The debut of U.S. spot Solana ETFs generated strong investor interest despite a weak crypto market, with $421 million in net inflows during the first week. Bitwise’s Solana ETF (BSOL) attracted $199 million in fresh funds and launched with $223 million seed capital, outpacing other crypto ETFs including BlackRock’s iShares Bitcoin Trust. Grayscale’s GSOL drew $2.2 million but entered with $102 million in assets after conversion from a closed-end product. SOL’s price fell nearly 20% over the week to $165, significantly underperforming bitcoin and ether, which declined 6% and 12% respectively.
- Spot ETF: An exchange-traded fund that directly holds the underlying cryptocurrency, offering investors exposure without using derivatives.
- Net inflow: The net amount of capital entering an investment product, calculated as total purchases minus total redemptions over a given period.