Finance

Solana ETFs Soar: How Bitwise and Grayscale Are Reshaping Crypto Investment Strategies

Bitwise and Grayscale’s Solana ETFs saw over $200M inflows in a week, with Bitwise’s BSOL significantly leading.

November 1, 2025, 7:49 PM

A magnifying glass rests on a paper with "ETF" text and a candlestick chart, next to a Bitcoin coin.

A magnifying glass hovers over a Bitcoin coin, highlighting the potential impact of an ETF on the cryptocurrency's market performance. By MDL.

Executive Summary

U.S.-based spot Solana ETFs from Bitwise and Grayscale collectively attracted over $200 million in inflows during their first week of trading.

Bitwise’s BSOL ETF significantly led initial inflows, accumulating approximately $197 million from public investors, while Grayscale’s GSOL ETF saw a more modest start with $2 million in net inflows.

The strong market entry of Solana ETFs highlights Solana’s increasing prominence in the cryptocurrency ecosystem and growing investor interest in diversified crypto asset exposure through traditional financial vehicles.

The Story So Far

The launch of U.S.-based spot Solana ETFs occurs within a robust and growing market for cryptocurrency exposure through traditional financial vehicles, following the significant success and substantial inflows seen in spot Bitcoin and Ethereum ETFs. This trend is further driven by Solana’s increasing prominence in the crypto ecosystem as a fast, low-fee alternative blockchain, attracting diverse investors seeking digital asset exposure.

Why This Matters

The strong debut of U.S.-based spot Solana ETFs, particularly Bitwise’s BSOL, signals a significant expansion of mainstream investor interest in diversified crypto asset exposure beyond Bitcoin and Ethereum. This successful market entry further legitimizes Solana as a key player in the digital asset landscape, potentially driving greater institutional adoption and solidifying the integration of alternative blockchains into traditional investment portfolios.

Who Thinks What?

Bitwise’s BSOL ETF demonstrated remarkable success, attracting approximately $197 million in public investor inflows during its inaugural week, positioning it as the top-performing crypto ETF for the period due to its design offering Solana exposure with staking rewards.

Grayscale’s GSOL ETF experienced a more modest start, garnering about $2 million in net inflows during its first week, despite also staking Solana tokens and passing on 77% of rewards to investors.

The broader market shows growing investor interest in Solana exposure through traditional financial vehicles, with the collective $200 million+ inflows into the new Solana ETFs underscoring Solana’s increasing prominence and the demand for diverse crypto asset exposure.

U.S.-based spot Solana Exchange-Traded Funds (ETFs) from Bitwise and Grayscale have collectively attracted over $200 million in inflows during their inaugural week of trading. This strong market entry signals growing investor interest in Solana exposure through traditional financial vehicles, with Bitwise’s offering significantly outpacing Grayscale’s in early reception.

Bitwise’s BSOL Leads Initial Inflows

Bitwise’s BSOL ETF demonstrated remarkable success, drawing nearly $70 million on its first day alone. By the end of its debut week, the fund had accumulated approximately $420 million, including seed capital, with cumulative inflows from public investors reaching around $197 million.

This performance positioned BSOL as the top-performing crypto ETF for the week in terms of inflows. A key feature contributing to its early success is its design to provide Solana exposure while staking the underlying asset for additional rewards.

Grayscale’s GSOL Sees Modest Start

In contrast, Grayscale’s GSOL ETF, launched a day after BSOL, garnered about $2 million in net inflows during its first week. Despite the slower uptake compared to its competitor, GSOL’s total assets, including seed capital, surpassed $100 million.

Grayscale’s fund charges a slightly higher management fee of 0.35% compared to BSOL’s 0.2%. Like Bitwise, GSOL also stakes Solana tokens, with 77% of the staking rewards passed on to investors, a feature that could enhance its long-term appeal.

Broader Crypto ETF Market Context

The introduction of spot Solana ETFs occurs within a robust market already featuring spot Bitcoin and Ethereum ETFs. October saw significant positive inflows for both Bitcoin and Ethereum-based funds.

Bitcoin ETFs recorded $3.61 billion in net inflows and their highest-ever trading volume, exceeding $133 billion. Ethereum ETFs also experienced positive movement with $668.13 million in net inflows, now holding approximately $25 billion in assets, representing over 5% of all Ethereum in circulation.

Solana’s Expanding Role in Crypto Investment

The rapid success of BSOL and GSOL underscores Solana’s increasing prominence in the cryptocurrency ecosystem. Known for its faster transaction speeds and lower fees, Solana is emerging as a popular alternative to established blockchains.

As Solana ETFs gain traction, they are expected to attract more investors seeking diverse crypto asset exposure. This trend further bridges the gap between traditional investment vehicles and the evolving digital asset market.