Bitwise Solana staking ETF hits $55.4M in debut trading day

Bitwise claims its Solana staking exchange-traded fund (ETF) generated $55.4 million in trading activity on its first trading day, Tuesday, coinciding with the introduction of two other cryptocurrency ETFs from Canary Capital.

The Bitwise Solana Staking ETF (BSOL) has the highest trading volumes of any crypto ETF introduced in 2025, according to Bloomberg ETF analyst Eric Balchunas, surpassing REX Osprey’s XRP (XRP) and Solana (SOL) staking ETFs.

Balchunas added that BSOL garnered over $223 million in assets before its launch, indicating increased institutional engagement and trust in exposure to staking, which pays individuals who lock up cryptocurrency on the blockchain to authenticate transactions.

Wall Street’s appetite for cryptocurrency has expanded beyond market heavyweights Bitcoin (BTC) and Ether (ETH), with asset managers considering the establishment of exchange-traded products related to riskier cryptocurrencies or featuring unique mechanisms, such as staking.

BSOL’s $55.4 million trading volume exceeded Balchunas’ pre-launch projection of $52 million. Meanwhile, the Canary Capital HBAR ETF (HBR) concluded its first trading day with $8 million in volume, meeting the analyst’s prediction.

The Canary Capital Litecoin ETF (LTCC) raised $1 million, which is less than Balchunas’ estimated $7 million.

Bitwise’s Solana staking ETF (BSOL) opened to significant demand on Tuesday, with $10 million traded in the first 30 minutes, according to Balchunas. Compared to Canary’s HBAR ETF (HBR) and Litecoin ETF (LTCC), which posted $4 million and $400,000, respectively, within the same period.

The early trading activity indicates various levels of investor interest in the new crypto-focused exchange-traded funds, with Bitwise’s Solana product experiencing the most initial demand of the three new offerings.

Regulatory clarity on staking fuels U.S. launch after months of uncertainty

The debut follows the recent approval of several crypto ETFs, despite limited operational capability owing to the government shutdown.

BSOL’s debut trading volume, however, was a fraction of the $1.08 billion in trading volume noted by the nine spot Ether ETFs that launched last July, the first of the altcoin funds to launch in the U.S..

Grayscale’s converted Ethereum ETF Trust accounted for $458 million of that tally, while the BlackRock-issued iShares Ethereum Trust ETF raked in $248.7 million.

Bitwise’s spot Ether ETF product also saw $94.3 million, considerably higher than its Solana product’s performance today.

The debut follows months of regulatory hesitation over how staking income should be treated under U.S. securities law. On May 29, the SEC’s Division of Corporation Finance issued a staff statement clarifying that some proof-of-stake (PoS) activities do not constitute securities offerings. 

In August, the agency extended that guidance to certain liquid staking programs, effectively clearing the path for ETFs like BSOL to move forward.

Bitwise had previously launched a similar Solana staking product in Europe last year but delayed its U.S. counterpart amid ongoing regulatory uncertainty. The company’s U.S. fund now debuts just weeks after the REX-Osprey Solana Staking ETF (SSK) began trading on June 30, recording approximately $12 million in first-day volume.

As one of the leading U.S. issuers of crypto-linked ETFs, Bitwise already offers funds tied to Bitcoin, Ether, and other digital assets. The Solana fund marks its latest effort to expand investor access to staking yield within a fully regulated structure.

Investors shift beyond Bitcoin and Ether as institutional demand for altcoin ETFs rises

The product’s launch comes amid a surge in crypto ETF activity this year. U.S. spot Bitcoin ETFs shattered records in early 2024, attracting tens of billions of dollars in inflows. Spot Ether ETFs, while initially slower to gain momentum, have since drawn significant investor interest as market sentiment improved through the mid-year period.

Analysts note that investors are increasingly diversifying beyond Bitcoin and Ether, turning their attention to alternative networks such as Solana, Avalanche, and XRP.

In January, JPMorgan projected that Solana and XRP ETFs could collectively attract between $3 billion and $8 billion in inflows within six months of their listings, mirroring the adoption patterns seen in earlier crypto fund launches.

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