The Bitwise Solana Staking ETF has crossed 1 billion USD in assets under management, becoming the first individual Solana fund to reach the milestone less than ten months after launching on NYSE Arca.
Bloomberg senior ETF analyst Eric Balchunas flagged the achievement in an Aug. 27 post on X, noting that BSOL had cracked the 1 billion USD mark while the broader Solana fund category has accumulated roughly 1.7 billion USD in cumulative flows with no sustained stretch of outflows — even though SOL suffered a steep decline during the first half of 2026.
Bitwise’s official fund data confirmed 1.0175 billion USD in net assets as of Aug. 26. The portfolio held 9.33 million SOL with a market value of about 1.0176 billion USD, or roughly 0.137 SOL per outstanding share. The fund’s net asset value stood at 14.95 USD per share at the end of that session, with a closing market price of 15.03 USD — a 0.56 percent premium to NAV — and a 30-day median bid-ask spread of 0.10 percent.
First-mover advantage in a young category
BSOL launched on Oct. 28, 2025 as the first U.S. exchange-traded product offering 100 percent direct exposure to SOL, according to Bitwise, with staking rewards folded back into the fund’s holdings. The firm set the management fee at 0.20 percent and waived it for the first three months on the first 1 billion USD in assets.
Early access to the U.S. market paid off. LSEG data cited by Reuters showed BSOL collected roughly 420 million USD during its first trading week in November 2025, and rival issuers — including Grayscale, VanEck, Fidelity and Invesco — subsequently adjusted their own Solana fund plans after BSOL began trading.
By mid-May, BSOL controlled about 81 percent of assets across the Solana products tracked at the time, holding approximately 861 million USD of a 1.06 billion USD category total. The lead has narrowed as competitors ramped up, but Bitwise continues to dominate the newest wave of subscriptions: SoSoValue recorded 33.5 million USD of net inflows into U.S. spot Solana ETFs on Aug. 24 — the largest daily intake of 2026 and the fifth consecutive positive session — of which BSOL captured 25 million USD, with Fidelity’s FSOL adding 4.8 million USD and Grayscale’s GSOL 3.7 million USD.
Trading activity climbed alongside the inflows. Combined volume across tracked Solana funds reached 166.8 million USD on Aug. 24, the highest since October 2025, with BSOL generating about 108 million USD of that total. A day later, Bitwise CEO Hunter Horsley reported approximately 100 million USD in daily inflows across the firm’s U.S. crypto products, with Solana vehicles taking in about 40 million USD — the largest slice of any asset class he listed.
Growth despite a brutal price run
The milestone is more notable given what SOL has been through. Bitwise performance data showed BSOL down 39.07 percent year-to-date on a NAV basis and off 60.15 percent since inception as of July 30.
An Aug. 7 filing with the Securities and Exchange Commission laid out the mechanics: investors contributed 267.1 million USD in net subscriptions during the first six months of 2026, lifting the fund’s holdings from roughly 5.15 million SOL at the end of 2025 to 8.05 million SOL by June 30. Falling prices still cut net assets from 641.3 million USD to 592.3 million USD over the period, while NAV per share dropped from 16.37 USD to 10.01 USD — a negative 38.85 percent first-half return. The fund recognized 333.8 million USD in portfolio losses, split between 262.9 million USD of unrealized depreciation and 70.9 million USD of realized losses.
Staking provided a partial offset. BSOL generated 19.2 million USD in gross staking rewards, about 17.7 million USD in net investment income after expenses, and as of Aug. 26 some 96 percent of fund assets were staked against a stated target of 100 percent. Bitwise reported a gross reward rate of 6.17 percent and a net rate of 5.80 percent, calculated as a 90-day average using data from staking infrastructure firm Helius.
Rewards are not distributed as cash; earned SOL simply becomes part of the portfolio and accrues to the value backing each share. Bitwise cautions that staking yields can change and are not guaranteed.
Institutional doors opening
Additional signs of institutional acceptance have accompanied the asset growth. Horsley previously announced that a major U.S. bank approved BSOL shares as collateral for loans at a maximum loan-to-value ratio of 25 percent, giving eligible investors a way to borrow against ETF holdings without selling — although the bank was not identified.
Investors should note the fine print: BSOL is not registered under the Investment Company Act of 1940 and therefore lacks some protections afforded to conventional mutual funds and ETFs. And the headline 1 billion USD figure reflects assets under management, which move with subscriptions, redemptions and SOL’s price, while cumulative inflows measure net investor contributions — two related but distinct yardsticks.
For Solana, however, the message from ETF investors has been unusually consistent: through a nightmare first half of price action, holders of the first-mover fund kept adding rather than redeeming. That stickiness, more than the round number itself, is what caught analysts’ attention this week.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
1B in under ten months for a single asset SOL fund is wild. and BSOL did it while SOL had a rough first half of 2026, thats the part people will skip over
@sivert people skipping the H1 drawdown is exactly why january takes aged so bad. same folks now acting like 1B was obvious
9.33 million SOL in one wallet structure. whoever manages custody for this thing has a fun job
custody angle is underrated. 9.33 million SOL moving through creation baskets while the premium stayed under 0.6 percent, market makers earned their keep on this one
0.56 percent premium on a 15 dollar NAV with a 0.10 percent median spread. thats tight for such a young fund, Balchunas was right to flag it
the 0.10 percent median spread is the stat i keep quoting people. single asset fund under a year old, tighter than half the equity etfs i trade
1.7B cumulative flows into the whole solana category and not one sustained outflow stretch. whoever was calling sol etfs dead in january owes some apologies lol
guilty as charged. called sol etfs a q4 fade and now bsol is printing the biggest daily inflow of 2026 in august. eating the crow
Respect for owning the bad call. Half the q4 fade crowd just quietly deleted their posts when BSOL crossed 1B.
fee waived for the first three months on the first billion, and they still hit 1B in under a year. that 420 million first week in nov 2025 did all the marketing for free
BSOL crossed 1B in under ten months while SOL dumped through the first half of 2026. that flow consistency is the real story
9.33 million SOL, 0.56 percent premium to nav. small premium but it tells you demand is real, not just index money parking
0.56 percent premium with a 0.10 spread means retail is paying up for access. someone at bitwise is smiling
0.10 percent spread on a young single asset fund is honestly tight. wait till sol vol comes back though, that premium wont stay polite
premium blowing out is kinda the bull case here. means demand is outrunning the creation baskets while everyone watches the 0.10 spread
fair point but the 0.10 spread held through the entire H1 chop. creation baskets kept up when it actually mattered
1.7B cumulative across the whole solana etf category with no sustained outflow streak. someone is buying every single dip
buying every dip through an H1 drawdown is what conviction flows look like. january doom posters went quiet fast
1B in under ten months with SOL bleeding through H1 is the stat that matters. flows like that are conviction, not momentum chasing
rough first half and still 1B in, staking yield is doing a lot of heavy lifting in that pitch tbh
its not just the yield tho. bsol launched oct 2025 with sol already getting chopped up, nobody parks 1B for a few staking points
0.20 percent fee with staking rewards folded back in and first mover on NYSE Arca. of course it absorbed most of the flows
fee waiver on the first billion plus a 420 million first week, bitwise basically speedran the AUM chart. no wonder rivals are scrambling to list their own SOL products
balchunas flagging the 1B before bitwise even puts out a PR, peak etf twitter. also 0.137 SOL per share is a funny unit of account
14.95 NAV and 0.137 SOL per share. tax season screenshots from this fund are gonna be a genre of their own lol