Bitwise’s Spot Solana Etf Sees $69.5M In First-Day Inflows, Outpacing Rival Ssk

What Happened

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 Bitwise Solana Fund (BSOL) now stands as the clear favorite among institutional and retail investors eyeing Solana-based exposure.

The two ETFs represent divergent strategies in Solana exposure. Bitwise’s BSOL offers a fully spot-based structure, directly staking all held SOL tokens in-house to pass along Solana’s full network yield, around 7% annually, to investors.

“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.”

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.

Western Union to Launch Dollar-Backed Stablecoin on Solana

As reported, Western Union plans to launch the US Dollar Payment Token (USDPT) on the Solana blockchain in the first half of 2026.

Market Context

Bitwise Solana ETF Marks “Watershed Moment” as Institutions Enter SOL Market

“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.”

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.

Grayscale’s own Solana ETF, GSOL, is also set to begin trading on Wednesday, joining the race to capture institutional demand for Solana exposure.

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.

He said Solana was chosen for its speed, scalability, and low-cost transactions, which are crucial for the company’s high-volume remittance business.

Why It Matters

Key Takeaways:

Bitwise’s Solana ETF drew $69.5M in first-day inflows, nearly six times higher than rival SSK’s $12M debut.

Details

Institutions are showing renewed interest in Solana, marking what industry leaders call a “watershed moment” for the asset.

Bitwise’s spot-based structure and staking yield give it an early advantage as competitors like SSK and Grayscale’s GSOL enter the race.

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.

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.

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.

Analysts say BSOL’s early traction reflects institutional enthusiasm for Solana as a high-throughput blockchain with growing on-chain revenue.

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.

By leveraging blockchain rails, Western Union aims to make remittances nearly instantaneous and more transparent.