- BSOL’s record debut and follow-up trading day show sustained investor demand for Solana exposure.
- Other Solana ETFs like GSOL and SSK have smaller volumes, highlighting BSOL’s dominance.
- Yield through staking and Solana’s network performance make BSOL attractive to institutional investors.
The Bitwise Solana Staking ETF (BSOL) has continued its record-setting performance on the US market, following an exceptionally strong debut. On Wednesday, BSOL posted trading volume of US$72.4 million (AU$110.3 million), exceeding its first-day figure of US$56 million (AU$85.4 million), which had been the largest launch among nearly 850 ETFs this year.
Eric Balchunas, senior ETF analyst at Bloomberg, described the US$72 million (AU$110.3 million) turnover as a positive indicator, noting that other cryptocurrency ETFs, such as the Canary Litecoin ETF (LTCC) and Canary HBAR ETF (HBR), maintained much lower trading levels of roughly US$8 million (AU$12.2 million) and US$1 million (AU$1.53 million), respectively.
BSOL’s first-day inflows amounted to US$69.5 million (AU$106 million), taking its total assets under management close to US$292 million (AU$445.6 million). In comparison, Grayscale’s Solana staking ETF (GSOL), which had been a closed-end fund for four years, recorded only US$4 million (AU$6.1 million) in trades, reflecting the strong preference for BSOL among investors.
The REX Osprey SOL Staking ETF (SSK) contributed an additional US$18 million (AU$27.5 million) in trades on Wednesday. Over 150 cryptocurrency-based ETPs have been proposed, covering 35 different digital assets, with Solana and Bitcoin seeing the highest number of filings, followed by Ethereum and XRP.
Related: World’s Largest XRP Treasury Reveals $1B Purchase, Sits at 95% of Target
Institutional Interest in BSOL
BSOL’s appeal lies in its unique structure, offering both exposure to Solana’s price movements and staking rewards. Approximately 82% of its Solana assets are staked through Helius Labs, with a target of 100%, generating an average annual yield of 7%. This design allows institutional investors to participate in Solana’s staking ecosystem without handling the operational complexities of node management or self-custody.
By combining yield generation with exposure to Solana’s high-throughput, low-fee blockchain network, BSOL has established itself as a leading product in the US cryptocurrency ETF landscape, attracting genuine investor interest beyond typical launch hype.
Related: Hong Kong Green-Lights Asia’s First Spot Solana ETF Ahead of The Pack
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