Bitwise’s Spot Solana ETF Rakes In $69.5 M on First Day, Besting REX-Osprey’s Staking Alternative
On October 28, 2025, Bitwise debuted its Spot Solana ETF (ticker: BSOL) with a bang, garnering $69.5 million in net inflows on day one—a tally miles ahead of the REX-Osprey Solana Staking ETF (ticker: SSK). BSOL’s pure-play model, comparatively low fees and in-built staking model has garnered strong investor demand for regulated Solana exposure.
An Introduction to Bitwise’s Spot Solana ETF (BSOL)
• 100% Physical SOL Exposure: BSOL maintains sole exposure to spot Solana (SOL) and does not position in derivatives or futures.
• Low Fees: 0.20% management fee (waived for three months on the first billion dollars in assets).
• Wrapped Solana Staking: Fund staked 100% of its SOL using Bitwise Onchain Solutions, powered by Helius, seeking to earn interest exceeding 7% annually.
• SEC-Approved 1940 Act Structure: Traded on the NYSE, BSOL provides a familiar, regulated ’40 Act structure for retail and institutional investors.
Market Reception: Record-Setting Launch Day
• $69.5 Million Net Inflows First day flow, best first day inflows for a Solana ETF massively outpacing SSK’s $12 million.
• $222.9 Million Seed Capital: Drove assets under management to $292.4 million at launch.
• $57.9 Million Trading Volume: Which includes traditionally underperforms on the first day, putting in $10M in the first hour —the highest ETF debut volume yet of 2025.
These are numbers that rival history-making launches of crypto ETFs past, such as Bitwise’s Bitcoin ETF (BITB) or BlackRock’s Ethereum ETF (ETHA), according to Bloomberg’s Eric Balchunas.
Comparing BSOL and REX-Osprey’s SSK
Both ETFs provide regulated Solana exposure, but they are designed for different investor needs:
• Exposure Model
BSOL: Real-time tracking of the SOL in spot and PURE markets.
– SSK: Spot SOL + monthly staking yield distributions (app. 7.3% annualized).
• Trading Venue
– BSOL: NYSE.
– SSK: Cboe BZX.
• Fees and Structure
– BSOL: 0.20% fee, plain ‘ole 1940 Act fund.
— SSK: Fee varies; a groundbreaking staking-enabled ETF.
Why BSOL Day One Performance Outperformed
Traditional ETF structure: Retail investors like the ease of trading a spot-only fund under the Investment Company Act of 1940.
Powerful Seed Capital: A large initial allocation by Bitwise has injected liquidity and confidence.
Simple Life: SOL exposure w direct and automatic staking that speaks to both the price guy and yield guy without extra bells.
Investor Takeaways
• Pure SOL Exposure: BSOL offers efficient, direct Solana tracking alongside a staking yield, wrapping it all in one convenient regulated product.
• For Income Focused Stakers: SSK is still the place to be if your key goal is regular staking rewards plus price appreciation.
• Crypto ETF Landscape: These two products exemplify differing routes due to a maturing space—straightforward spot access stands in contrast to enhanced yield approaches.
Future Outlook for Solana ETFs
Should be interesting to see how high Solana ETFs can attract assets in 18 months, if they follow the growth curve similar to the Bitcoin and Ethereum ETFs. BSOL’s fantastic launch sets a high bar and will likely call new competitors and more innovation in crypto ETF products. Moving forward, with more mainstream adoption, regulated Solana ETFs will be essential in introducing mainstream capital into the high-speed and low-fee Solana Network.
Conclusion
Bitwise’s BSOL highlighted the outsized demand for a pure spot Solana ETF, drawing more than five times in inflows what REX-Osprey did with its prior staking product. Due to its convenience and low fees, combined with fully integrated staking capabilities, BSOL is the new era of crypto asset investment as well as the easiest way for traditional investors to enter Solana’s thriving blockchain.
