Although it represents a novel product category in U.S. markets, the Bitwise Solana Staking ETF (BSOL) launched on October 28, 2025, on the NYSE with a clear objective of providing direct, fully staked exposure to Solana (SOL). The fund is described as the first U.S. exchange-traded product with 100% direct SOL exposure and an integrated staking mechanism, designed to capture on-chain rewards while simplifying market access for investors who prefer regulated vehicles. Bitwise, which manages over $15 billion in crypto assets globally, brought institutional experience to the listing, and initial fee terms were set competitively at 0.20% with a temporary waiver for the first $1 billion in assets during the first three months. The fund uses an in-kind creation and redemption structure to facilitate share issuance and liquidity.
Investor response was immediate and substantial, with day-one inflows reaching $69.5 million, a figure that set a new record for Solana-related ETFs and exceeded prior crypto ETP first-day totals. Total inflows surpassed $223 million shortly after launch, placing BSOL among the fastest-growing crypto ETFs in the immediate post-listing period, and signaling notable investor confidence in Solana’s blockchain fundamentals. Market observers noted that the strong initial demand reflected interest not only in Solana’s low-cost, high-throughput network but also in the ability of a regulated ETF to deliver staking rewards without the operational burdens of self-custody.
Day-one inflows hit $69.5M and $223M total soon after, signaling strong investor demand for regulated, staked Solana exposure
The ETF’s staking architecture is a central differentiator, as Bitwise plans to stake 100% of SOL holdings through its Bitwise Onchain Solutions platform, leveraging Helius for staking execution, a provider recognized for performance and security on Solana. Current average staking rewards for Solana exceed 7% annually, and the fund’s design intends to compound those rewards within the ETF structure, which could enhance net investor returns after fees. Nevertheless, investors should consider technical and protocol risks, including validator performance, network outages, and changes to staking economics, any of which could affect yield and token availability.
From a competitive perspective, BSOL positions itself as a best-in-class vehicle for exposure to a blockchain that generates substantial transaction revenue and competes strongly in stablecoin and tokenization markets. The regulated structure and transparent fee model aim to broaden access for retail and institutional accounts, while also setting a precedent for future staking-focused ETPs.
