Bitwise Asset Management’s newly launched spot Solana ETF is seeing strong investor appetite, recording $69.5 million in inflows on its first trading day.
The figure is nearly six times the $12 million debut haul of its closest competitor, the Rex-Osprey Solana Staking ETF (SSK), according to data from Farside.
“Truly a watershed moment,” said Kyle Samani, managing partner at Multicoin Capital, noting that “the substantial majority of capital in the world was legally not allowed to trade or own Solana until today.” The fund trades on the New York Stock Exchange and carries a modest 0.20% management fee, which Bitwise has waived for the first three months.
The Bitwise Solana Fund (BSOL) now stands as the clear favorite among institutional and retail investors eyeing Solana-based exposure.
Its staking rewards are paid monthly and classified as a return of capital for tax purposes. SSK trades on the Chicago Board Options Exchange with a 0.75% expense ratio. “Institutional investors love ETFs, and they love revenue,” said Matt Hougan, CIO of Bitwise. “Solana has the most revenue of any blockchain. Therefore, institutional investors love Solana ETFs.”
In contrast, SSK takes a diversified approach. Roughly 54% of its portfolio is held in direct Solana, 43.5% in the CoinShares Physical Staked Solana ETP listed in Switzerland, and the remainder in JitoSOL, short-term government securities, and cash.
Despite the positive sentiment around the launches, traders remain cautious. Prediction market Myriad currently gives Solana just a 32.7% chance of reaching a new all-time high this year. As of Wednesday, Solana (SOL) is down 3.1% over 24 hours, trading at $194, while Bitcoin has dropped 3.2% from Tuesday’s peak of $116,000, per CoinGecko.
Grayscale’s own Solana ETF, GSOL, is also set to begin trading on Wednesday, joining the race to capture institutional demand for Solana exposure.
The token, issued by Anchorage Digital Bank, will allow users to move money globally with lower fees and faster settlement times, reducing reliance on traditional banking intermediaries and volatile currency conversions. CEO Devin McGranahan described the move as a continuation of Western Union’s 175-year mission to simplify money transfers, this time through blockchain technology.
As reported, Western Union plans to launch the US Dollar Payment Token (USDPT) on the Solana blockchain in the first half of 2026.