Bitwise’s Spot Solana ETF Achieves $69.5 Million in First-Day Inflows, Surpassing Rival SSK

Bitwise’s Spot Solana ETF Sees $69.5M in First-Day Inflows, Outpacing Rival SSK

Bitwise Asset Management’s newly launched Spot Solana ETF has demonstrated impressive demand from investors, amassing $69.5 million in inflows during its first day of trading.

Key Takeaways:

Bitwise’s Spot Solana ETF attracted $69.5 million on its opening day, significantly surpassing the $12 million intake of its competitor, the SSK ETF.
Institutions are increasingly interested in Solana, signaling what industry experts are calling a “watershed moment” for the asset.
The spot-based structure and staking yield of Bitwise’s ETF provide it with an initial edge, ahead of competitors like SSK and Grayscale’s GSOL.

This figure represents nearly six times more than the $12 million debut of Rex-Osprey Solana Staking ETF (SSK), as reported by Farside.

Bitwise Solana ETF Signals a “Watershed Moment” as Institutions Enter the SOL Market

The Bitwise Solana Fund (BSOL) has emerged as the top choice for both institutional and retail investors seeking exposure to Solana.

Kyle Samani, managing partner at Multicoin Capital, referred to this development as “truly a watershed moment,” stating that “the substantial majority of capital in the world was legally not allowed to trade or own Solana until today.”

The two ETFs employ differing strategies to provide exposure to Solana. Bitwise’s BSOL utilizes a fully spot-based structure, directly staking all of its held SOL tokens in-house to deliver the full network yield of Solana—which averages around 7% annually—to its investors.

The fund is listed on the New York Stock Exchange and features a modest management fee of 0.20%, which Bitwise has waived for the initial three months.

Conversely, SSK adopts a diversified investment approach. Approximately 54% of its portfolio consists of direct Solana holdings, 43.5% is invested in the CoinShares Physical Staked Solana ETP listed in Switzerland, with the remaining portion allocated to JitoSOL, short-term government securities, and cash.

Staking rewards for SSK are distributed monthly and are categorized as capital returns for tax purposes. SSK is traded on the Chicago Board Options Exchange, carrying a 0.75% expense ratio.

Market analysts suggest that the early success of BSOL reflects the growing institutional interest in Solana, recognized for its high throughput and increasing on-chain revenue.

“Institutional investors favor ETFs, and they value revenue generation,” explained Matt Hougan, CIO of Bitwise. “Solana boasts the highest revenue of any blockchain. As a result, institutional investors are drawn to Solana ETFs.”

Grayscale is also launching its own Solana ETF, GSOL, which is set to begin trading on Wednesday, further intensifying the competition for institutional investment in Solana.

Despite the current positive outlook surrounding these launches, caution remains among traders. The prediction market Myriad currently estimates Solana has only a 32.7% chance of hitting a new all-time high this year.

As of Wednesday, Solana (SOL) has decreased by 3.1% over the last 24 hours, priced at $194, while Bitcoin has declined by 3.2% from Tuesday’s peak of $116,000, according to CoinGecko.

Western Union’s Upcoming Dollar-Backed Stablecoin on Solana

In other news, Western Union has announced plans to introduce the US Dollar Payment Token (USDPT) on the Solana blockchain in the first half of 2026.

This token, issued by Anchorage Digital Bank, aims to facilitate global money transfers with lower fees and quicker settlement times, thereby reducing reliance on traditional banking systems and the challenges of currency conversion.

CEO Devin McGranahan highlighted that this initiative is aligned with Western Union’s 175-year commitment to simplifying money transfers, now incorporating blockchain technology.

He noted that Solana was selected for its speed, scalability, and low-cost transactions, which are essential for the company’s extensive remittance operations.

Utilizing blockchain technology, Western Union seeks to enable near-instantaneous remittances and increase transparency in transactions.

If widely adopted, the USDPT could expand the use of stablecoins beyond crypto trading into daily payments, bill settlements, and cross-border transactions, representing a significant advancement toward mainstream digital dollar integration.