The market for U.S.-listed cryptocurrency exchange-traded funds (ETFs) witnessed another debut this week, as the Bitwise Solana staking ETF (BSOL) went live, immediately attracting attention.
BSOL is the first U.S. exchange-traded product (ETP) to offer 100% direct exposure to spot Solana (SOL). The fund saw approximately $69.5 million in net inflows on its first day, as per data from Farside.
A key differentiator for the BSOL fund is its integrated staking system. The ETF is designed to stake 100% of its Solana holdings, passing on the network’s potential yield rewards, estimated around 7% annually, to investors.
Initial Demand for Solana Exposure
The rapid accumulation of trading volume shows the institutional and retail demand for easily accessible exposure to assets beyond Bitcoin (BTC) and Ethereum (ETH). The initial $69.5 million figure suggests a major bullish sentiment toward the high-performance blockchain and its native token, SOL, often viewed as a direct competitor to Ethereum. The trading activity was first reported by market observers following the launch.
The launch marks one of the most successful initial four-hour periods for a non-Bitcoin crypto ETP in the U.S. market. This could potentially cement Solana’s status as the third major asset in the institutional crypto portfolio hierarchy.
This successful U.S. launch follows a global trend of investor appetite for Solana products. For instance, an ETP tracking the asset, such as the one offered by Bitwise, has previously demonstrated the asset’s popularity by achieving single-day trading volumes as high as $69.5 million in other markets.
Market analysts view the introduction of a Solana ETF in the U.S. as a pivotal moment. The trading debut suggests that the race for the next major crypto ETF approvals might be underway. This signals a growing and diversifying landscape for digital assets.
Bitwise to Launch Solana ETF Featuring Staking Rewards