Bitwise’s Solana Staking ETF (BSOL) crossed a major milestone this week, becoming the first individual Solana ETF to top $1 billion in assets less than ten months after its October 28, 2025 launch. Why it matters - Bloomberg ETF analyst Eric Balchunas flagged the achievement on X on Aug. 27, noting BSOL’s milestone within a Solana fund category that has drawn roughly $1.7 billion in cumulative flows. That inflow resilience is notable given SOL’s sharp sell-off through the first half of 2026. - BSOL’s early entry to the U.S. market and product design — 100% direct SOL exposure plus staking rewards reinvested into the fund — helped it capture large early allocations and retain market share versus competitors. Snapshot of the fund (as of Aug. 26–27) - AUM: $1.0175 billion. - Holdings: 9.33 million SOL (about 0.137 SOL per outstanding share). - NAV: $14.95 per share; market price: $15.03 (0.56% premium to NAV). - 30-day median bid-ask spread: 0.10%. - Management fee: 0.20% (Bitwise waived it for the first three months on the first $1 billion in assets). Flows, trading and market share - Reuters and LSEG data: BSOL pulled in roughly $420 million during its first trading week. - Mid-May snapshot: BSOL held about 81% of assets among tracked Solana ETPs — roughly $861 million of $1.06 billion across the category at that time. - Recent momentum: SoSoValue recorded $33.5 million of net inflows into U.S. spot Solana ETFs on Aug. 24 (their biggest daily intake in 2026); BSOL accounted for $25 million. The five-session stretch starting Aug. 18 produced $61.8 million in net inflows. - Trading: Combined volume across tracked Solana funds hit $166.8 million on Aug. 24 (highest since Oct. 2025); BSOL contributed roughly $108 million. - Bitwise CEO Hunter Horsley reported preliminary figures on Aug. 27 showing about $100 million in daily inflows across Bitwise’s U.S. crypto products, with Solana vehicles receiving about $40 million. He also said BSOL generated more than $126 million in trading volume that day. (Note: trading volume and net inflows are distinct metrics.) Performance, staking and portfolio details - Despite growing AUM, BSOL’s shares have fallen through much of 2026: Bitwise data showed a 39.07% year-to-date NAV loss and a 60.15% decline since inception as of July 30. - SEC filing (Aug. 7) for H1 2026: net subscriptions of $267.1 million increased the fund’s SOL holdings from ~5.15 million at end-2025 to ~8.05 million by June 30. But price drops in SOL reduced BSOL’s net assets from $641.3 million to $592.3 million in that period; NAV per share fell from $16.37 to $10.01 (-38.85% H1). - Staking: the fund reported $19.2 million in gross staking rewards and about $17.7 million in net investment income after expenses for the period. As of Aug. 26, 96% of BSOL’s assets were staked (vs. a stated target of 100%), with a 90-day average gross staking reward rate of 6.17% and net rate of 5.80% (Helius data). Staking rewards are not guaranteed and can fluctuate. - Losses: the filing recorded $333.8 million in portfolio losses (approximately $262.9 million unrealized depreciation and $70.9 million realized losses). Structure, risks and extra uses - BSOL is an exchange-traded product whose sole asset is SOL; its primary objective is to track the token’s value (after costs/liabilities), while staking to earn additional SOL is a secondary objective. The fund is not registered as an investment company under the Investment Company Act of 1940 and therefore does not carry all mutual fund/ETF protections. - For U.S. investors, NYSE Arca listing provides SOL exposure through regular brokerage accounts without direct token custody or validator management — but investors still face SOL price volatility, management fees, tracking differences and staking operational risks. - Bitwise disclosed that a major U.S. bank approved BSOL shares as collateral for loans with a maximum loan-to-value ratio of 25%, offering another potential use for the ETF shares (bank not named). Market action - SOL moved higher around the milestone: the token opened near $96.60 on Aug. 26 and reached an intraday high around $110 on Aug. 27. Technical notes placed initial support near $104.41, with resistance targets around $114.88 and $127.83 if gains continue. Bottom line Bitwise’s first-mover Solana ETF has turned early momentum and staking mechanics into a leading position in the nascent U.S. Solana ETF market, hitting $1 billion in AUM despite a punishing SOL market this year. That mix of product design, fee strategy and market timing has helped BSOL gather assets and trading interest, but investors remain exposed to token price swings, staking variability and regulatory/structural differences from traditional ETFs.
Bitwise’s BSOL Hits $1B AUM in 10 Months Amid SOL Price Decline
ChainGPTShare
Summary
Bitwise’s BSOL hit $1 billion in AUM in under 10 months, becoming the first Solana ETF to reach the mark. Despite a drop in crypto price, the fund saw steady ETF inflows and captured 81% of Solana ETP assets by mid-May. BSOL offers 100% direct exposure to SOL and reinvests staking rewards. As of late August, it held 9.33 million SOL with a NAV of $14.95 and a 0.56% premium. The fund reported $19.2 million in staking rewards for H1 2026, with 96% of assets staked. Year-to-date, NAV fell 39.07%, and 60.15% since launch. Bitwise’s U.S. crypto products saw $100 million in daily inflows, with Solana products pulling in $40 million.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.