The Bitwise
Solana
Staking ETF (BSOL) made a notable entrance, amassing $222.8 million in assets and $55 million in trading volume on its first day—one of the most impressive launches for a crypto-related ETF in 2025. This fund, which provides direct access to Solana (SOL) and distributes staking rewards, has attracted institutional interest due to its innovative structure, setting it apart from conventional spot ETFs,
an EthNews report
highlighted. According to Bloomberg ETF analyst Eric Balchunas, BSOL’s asset total already equals half that of the Solana Spot ETF (SSK), an achievement reached on its opening day,
FinanceFeeds reported
.
The ETF’s strong debut was further emphasized by its active initial trading. Within the first 30 minutes after launching on October 27,
BSOL
saw $10 million in trades, surpassing the $4 million and $400,000 volumes posted by the HBAR and
Litecoin
ETFs, respectively,
CryptoBriefing reported
. By the close of the day, trading volume had reached $56 million, making it the top-performing ETF launch among more than 850 new funds in 2025,
BeInCrypto reported
. This surge demonstrates increasing institutional demand for exposure to alternative cryptocurrencies, especially in networks like Solana, which has experienced significant growth in decentralized finance (DeFi) and tokenization projects, as EthNews also mentioned.
Clear regulatory guidance was crucial for BSOL’s introduction. The U.S. Securities and Exchange Commission (SEC) issued guidance in May 2025 regarding proof-of-stake (PoS) activities and clarified rules for liquid staking in August, paving the way for ETFs based on staking, as previously reported. Bitwise, which had already launched a Solana staking product in Europe, used this regulatory framework to bring BSOL to the U.S. The fund features a 0.20% expense ratio, holds assets in full replication, and reported a net asset value (NAV) of $26.21 as of October 27, according to available reports.
Even with the ETF’s strong performance, Solana’s native token (SOL) dropped 3.65% that day, illustrating a gap between institutional ETF interest and retail token price movement, a phenomenon discussed by BeInCrypto. Analysts point to profit-taking after the initial excitement and broader market trends as reasons. Meanwhile, BlackRock’s absence—a major player in
Bitcoin
ETF inflows—has led to doubts about whether altcoin ETFs can match Bitcoin’s $28.1 billion inflow in 2025,
Coinotag warned
. Nevertheless, analysts from JPMorgan and Bitget estimate that a Solana ETF could still attract between $3 billion and $6 billion in its first year, fueled by staking returns and ecosystem expansion,
CoinMarketCap reported
.
The regulatory landscape is still evolving, with over 150 altcoin ETF applications awaiting approval—including 23 for Solana—according to
a Coinotag analysis
. Although the U.S. government shutdown has delayed approvals beyond October, the influx of institutional funds into products like BSOL points to a maturing market. As more staking-oriented ETFs are introduced, they may reshape how institutions access crypto yields, further connecting traditional finance with blockchain technology.
