U.S. Solana funds drew an estimated $199 million in four-session debut

New U.S. exchange-traded products holding solana completed their first four trading sessions with an estimated $199.2 million of combined net inflows by November 2, 2025. The result provided the first meaningful demand test for conventional securities offering direct SOL exposure and, in Bitwise’s case, an embedded staking strategy.

Farside Investors’ compiled fund-flow table attributed $197 million of the October 28–31 total to the Bitwise Solana Staking ETF, or BSOL. The daily estimates were $69.5 million on October 28, $46.5 million on October 29, $36.5 million on October 30 and $44.5 million on October 31. Grayscale’s converted Solana product added an estimated $1.4 million and $0.8 million on October 29 and October 30, producing the $199.2 million combined figure.

These were flow estimates for four U.S. trading sessions ending October 31, reviewed as the completed launch-week record on Sunday, November 2. They were not November 2 transactions because U.S. securities exchanges were closed that day.

What entered the market

BSOL began trading on NYSE Arca on October 28 after the exchange certified the shares for listing and the fund filed its final prospectus with the Securities and Exchange Commission. The product’s primary objective was exposure to the value of SOL held by the trust, after expenses and liabilities. Its secondary objective was to derive additional SOL through staking.

The fund used the CME CF Solana-Dollar Reference Rate — New York Variant to calculate net asset value. That benchmark aggregated executed transactions from selected SOL trading platforms, rather than relying on one exchange quotation. Shares could be created or redeemed by authorized participants in 10,000-share baskets, while ordinary investors traded them through brokerage accounts.

Bitwise listed a 0.20% management fee, waived for the first three months on the first $1 billion of assets. The issuer said it intended to stake all eligible SOL holdings through its own validator infrastructure, powered by Helius. Its cited staking rate of more than 7% was an annualized 90-day average as of October 22, not a guaranteed fund return.

Why the initial demand mattered

Bitcoin and ether had already established that regulated exchange-traded products could connect cryptocurrency markets with brokerage, advisory and institutional portfolios. The Solana launches tested whether that distribution model could extend to another proof-of-stake network while incorporating rewards generated by protocol participation.

An estimated $199.2 million across four sessions indicated material early demand, but it did not reveal who purchased the shares or why. The data could not distinguish financial advisers, hedge funds, market makers and retail accounts. It also did not establish that an equivalent dollar amount was purchased in the open SOL market during the same window; creations can involve in-kind transfers and inventory assembled before a reported flow.

Seed capital must also be kept separate. Farside listed $222.9 million of BSOL seed assets, but that figure was not included in Coinburn’s $197 million four-session net-flow calculation. Combining seed assets with subsequent estimated flows would overstate launch-period demand.

Staking changed the risk profile

Staking offered a potential source of additional SOL, but it introduced validator, custody, liquidity, tax and slashing-related risks beyond changes in SOL’s market price. BSOL was not registered under the Investment Company Act of 1940 and therefore did not provide the protections associated with funds registered under that statute.

SEC registration and exchange listing likewise did not constitute a government endorsement of SOL or the Solana network. The verified conclusion on November 2 was narrower: regulated U.S. access had expanded beyond bitcoin and ether, and the first four trading sessions showed substantial estimated demand for the new Solana category.

Later clarification

CoinShares reported on November 3 that Solana investment products globally received $421 million during the broader reporting week, driven partly by the new U.S. products. That later, wider dataset is not interchangeable with the $199.2 million estimate for the two U.S. products through October 31.