Bitwise’s Spot Solana ETF Sees $69.5M in First-Day Inflows, Outpacing Rival SSK

Bitwise Asset Management’s newly launched spot Solana ETF is seeing strong investor appetite, recording $69.5 million in inflows on its first trading ￰1￱ Takeaways: Bitwise’s Solana ETF drew $69.5M in first-day inflows, nearly six times higher than rival SSK’s $12M ￰2￱ 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 ￰3￱ 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 ￰4￱ Solana ETF Marks “Watershed Moment” as Institutions Enter SOL Market The Bitwise Solana Fund (BSOL) now stands as the clear favorite among institutional and retail investors eyeing Solana-based exposure.

“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.” ￰0￱ 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 ￰5￱ fund trades on the New York Stock Exchange and carries a modest 0.20% management fee, which Bitwise has waived for the first three ￰6￱ contrast, SSK takes a diversified ￰7￱ 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 ￰8￱ staking rewards are paid monthly and classified as a return of capital for tax ￰9￱ trades on the Chicago Board Options Exchange with a 0.75% expense ￰10￱ say BSOL’s early traction reflects institutional enthusiasm for Solana as a high-throughput blockchain with growing on-chain revenue.

“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.” Institutional investors love ETFs, and they love ￰11￱ has the most revenue of any blockchain. Therefore, institutional investors love Solana ETFs.

I have a feeling the Bitwise Solana Staking ETF, $BSOL , is gonna be ￰12￱ material must be accompanied by a… — Matt Hougan (@Matt_Hougan) October 28, 2025 Grayscale’s own Solana ETF, GSOL, is also set to begin trading on Wednesday, joining the race to capture institutional demand for Solana ￰13￱ the positive sentiment around the launches, traders remain ￰14￱ market Myriad currently gives Solana just a 32.7% chance of reaching a new all-time high this ￰15￱ 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 ￰16￱ 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 ￰17￱ 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 ￰18￱ Devin McGranahan described the move as a continuation of Western Union’s 175-year mission to simplify money transfers, this time through blockchain ￰19￱ said Solana was chosen for its speed, scalability, and low-cost transactions, which are crucial for the company’s high-volume remittance ￰20￱ leveraging blockchain rails, Western Union aims to make remittances nearly instantaneous and more ￰21￱ widely adopted, USDPT could drive stablecoin use beyond crypto trading and into everyday payments, bill settlements, and cross-border commerce, marking a pivotal step toward mainstream digital dollar adoption.