Bitwise's Solana ETF Is the First in Its Class Past $1 Billion

A Solana exchange-traded fund has crossed $1 billion in assets for the first time. Bitwise's staking fund, BSOL, got there about ten months after listing on NYSE Arca on 28 October 2025. It holds roughly 9.3 million SOL and stakes about 96% of them, committing the coins to help run the network in return for a yield, currently 5.80% net. Its share price is still around 40% below where it opened. Money went in while the price came down.

Three accounts, three crossing dates

The milestone is agreed. The day it happened is not. The Block put the $1 billion figure out at 11:48 Eastern on Friday and treated it as current. crypto.news, publishing that afternoon, gave assets of $1.0175 billion as of 26 August, two days earlier. The Crypto Times, writing overnight, said the fund got there exactly ten months after launch, which against an October listing lands on Friday. None of the three cites the others, and the trackers behind them report on different lags. A reader looking for the date will not find one.

Assets up, price down

Bitwise's own framing leans on that gap. Assets grew while the share price stayed about 40% under its listing level, and SOL itself trades roughly 60% below its record. The token rose about 45% over the past month. It changed hands at $105.18 in The Block's Friday quote, $104.44 a few hours later in crypto.news, and about $103 by the time The Crypto Times wrote overnight; those are intraday marks, not a dispute. The fund charges a 0.20% management fee and ran a waiver on its first $1 billion for its opening three months.

"Capital markets are coming onchain, and Solana's just getting started," Bitwise said in a statement two outlets carried in identical wording.

Two tallies for one category

Category-level flow figures do not reconcile. Four accounts put cumulative net flows into US spot Solana ETFs at $1.7 billion. crypto.news carries that number and, in the same piece, cites the tracker SoSoValue at $1.22 billion. Both are presented as the total since the products began trading, neither is broken out by fund, and we could not establish what basis either tracker uses. A separate $13 billion figure has the same trouble. The Block calls it cumulative trading volume since the category opened in September 2025, while The Crypto Times renders it as total net assets. Those cannot both hold, because the biggest fund in the group has only now reached $1 billion.

Where the rest of the field sits

BSOL holds more than half the category's assets, by The Block's reckoning. crypto.news reports the concentration was tighter in May, when the fund held 81% of $1.06 billion. On 24 August, Fidelity's FSOL took $4.8 million and Grayscale's GSOL $3.7 million, against $25 million into BSOL the same day. Grayscale's Zcash fund listed on the same exchange earlier in August at a 2.5% fee, more than ten times what Bitwise charges here. Goldman Sachs holds about $90 million across spot Solana ETFs, a position crypto.news reports without dating it.

The open question is the yield. Solana's proposals to cut SOL emissions went before validators this week, and the staking rate a fund passes through moves with the issuance schedule. Bitwise has not said what a lower one would do to its 5.80% net reward. Bloomberg's Eric Balchunas has noted the category has gone without a prolonged stretch of net outflows since it opened. It has also never had to sit through one.