Bitwise Solana ETF is the first to break the US$1 billion mark

Bitwise Solana Staking ETF asset size exceeds US$1 billion

Bitwise launched the Solana Staking ETF less than ten months after its listing, the asset size has exceeded US$1 billion, becoming the first single Solana ETF to reach this level.

Summary

As of August 26, BSOL held 9.33 million SOL units worth approximately US$1.018 billion.

Eric Balchunas said that most of the US$1.7 billion cumulative inflows from the Solana Fund remain in the fund.

Bitwise reported that 96% of the assets in BSOL have been pledged, with a net reward rate of 5.80%.

SoSoValue tracked a cumulative net inflow of US$1.22 billion into the U.S. spot Solana ETF.

Bitwise Solana ETF exceeded US$1 billion

Eric Balchunas, senior ETF analyst at Bloomberg, said in an August 27 X platform post that Bitwise Solana Staking ETF has become the first Solana ETF with a scale of more than US$1 billion.

Balchunas placed this milestone in the Solana fund category, which has attracted approximately US$1.7 billion in funding. According to his assessment, although SOL experienced a significant decline in the first half of 2026, these products returned only a very small amount of money through continued redemptions.

Balchunas posted: "The Bitwise Solana ETF has just exceeded the US$1 billion mark and is the first ETF to reach this level. This type of fund has accumulated net inflows of US$1.7 billion, and despite a terrible decline in the first half of the year, there has been no large-scale outflow of funds. Impressive."

Bitwise official fund data shows that as of August 26, BSOL's net assets were US$1.0175 billion. Its investment portfolio contains 9.33 million SOLs with a market value of US$1.0176 million, and each outstanding share corresponds to approximately 0.137 SOLs.

At the close of the same trading day, BSOL's net asset value per share was $14.95, and the market price was $15.03. The closing price was 0.56% higher than its underlying net asset value, and the fund's median bid-ask spread on the 30th day was 0.10%.

The figure of US$1 billion refers to the size of assets under management, which will change with investor subscriptions, redemptions and SOL market prices. Cumulative net inflows measure the net increase in investors 'funds after deducting redemptions, so the two numbers should not be confused.

BSOL dominates demand for Solana ETFs

According to Bitwise, BSOL will be listed on NYSE Arca on October 28, 2025 and is the first exchange-traded product in the United States to provide 100% direct SOL exposure. The product also includes rewards earned by pledging their positions.

Bitwise set the fund's management fee at 0.20%, and waived the management fee for the first three months of the first US$1 billion in assets. According to LSEG data quoted by Reuters in November 2025, BSOL was the first to enter the U.S. market, helping it raise approximately US$420 million in its first trading week.

First-mover advantage may have a lasting impact on the allocation of ETF assets among issuers. Reuters reported that after BSOL began trading, competitors including Grayscale, VanEck, Fidelity and Invesco all adjusted their Solana fund plans.

As of mid-May, BSOL controlled approximately 81% of the assets of Solana products tracked at the time. It has been previously reported that BSOL holds approximately US$861 million of the total US$1.06 billion in this category of funds, although falling SOL prices have reduced the value of fund positions.

The latest data shows that BSOL continues to lead the latest round of subscriptions. SoSoValue records show that on August 24, the net inflow of U.S. spot Solana ETF was US$33.5 million, setting a single-day record in 2026, and achieved net inflow for the fifth consecutive trading day.

Of the total inflows for the day, BSOL received US$25 million, Fidelity's FSOL received US$4.8 million, and Grayscale's GSOL received US$3.7 million. According to statistics from SoSoValue, these products attracted a total of US$61.8 million in funding in the five trading days starting August 18.

Trading activity increases with subscriptions. On August 24, the total trading volume of tracking funds reached US$166.8 million, the highest level since October 2025, of which BSOL contributed approximately US$108 million.

On August 27, Bitwise CEO Hunter Horsley reported that the company's U.S. cryptocurrency products had a daily inflow of approximately US$100 million. Solana-related products received approximately $40 million, the largest amount in the asset class he listed, while BSOL's trading volume exceeded $126 million.

Horsley's data is a preliminary disclosure from issuers and does not provide the total number of individual subscriptions for each Bitwise fund. Trading volume represents the share that changes hands during a trading day, while inflows measure the net capital that enters the product through share creation and redemption activities.

Investors buy BSOL during SOL declines

Although BSOL's per share value fell for most of 2026, the fund is still growing. Bitwise's performance data shows that as of July 30, the year-to-date net asset value loss is 39.07%, and the cumulative decline since its establishment is 60.15%.

A filing with the U.S. Securities and Exchange Commission on August 7 showed that investors made a net purchase of US$267.1 million in the first half of 2026. Share issuance increased fund positions from approximately 5.15 million SOLs at the end of 2025 to 8.05 million SOLs as of June 30.

However, the decline in SOL prices still caused BSOL's net assets to fall from US$641.3 million to US$592.3 million over the same period. Net asset value per share fell to $10.01 from $16.37, with a first-half return of minus 38.85%.

As reported in early August, the document recorded total pledge awards of $19.2 million and approximately $17.7 million in net investment income (after expenses). BSOL also recognized a portfolio loss of $333.8 million, including $262.9 million in unrealized depreciation and $70.9 million in realized losses.

According to Bitwise CEO Hunter Horsley, a large U.S. bank subsequently approved the use of BSOL shares as collateral for loans with a maximum loan-to-value ratio of 25%. The arrangement provides eligible investors with another use for ETF shares, but the bank's name was not disclosed in the announcement.

Pledges increase SOL to fund positions

The structure of BSOL allows Bitwise to delegate most of its SOL to verifiers and add the rewards it earns to the fund. The product does not allocate rewards separately in cash; the SOL earned becomes part of the portfolio and affects the asset value behind each share.

As of August 26, Bitwise reported that 96% of assets in BSOL had been pledged against a target of 100%. The fund listed a total pledge reward rate of 6.17%, and a net reward rate of 5.80%, which is a 90-day average based on Helius data.

Bitwise reminds that pledge rewards may change and are not guaranteed. Its fund disclosure documents also stated that BSOL was not registered as an investment company under the Investment Company Act of 1940 and therefore did not enjoy all the protections enjoyed by mutual funds and registered ETFs under the Act.

The SEC filing identifies BSOL as an exchange-traded product whose only asset is SOL. Its primary investment goal is to track the value of its tokens after deducting operating costs and liabilities, with earning additional SOL through pledges being a secondary goal.

For U.S. investors, listing in NYSE Arca means that SOL exposure can be obtained through regular brokerage accounts, without the need to directly host tokens or manage verification nodes. Fund investors still face SOL price fluctuations, management fees, tracking differences and operational risks related to pledges mentioned in Bitwise's disclosure.

SOL climbed from an opening price of about US$96.60 on August 26 to an intraday high of about US$110 on August 27. Recent technical analysis shows that the initial support level on the daily chart is around US$104.41, while a confirmation of a breakthrough of US$110 may challenge the resistance levels around US$114.88 and US$127.83.