Bitwise’s Solana Staking ETF, known by its ticker BSOL, just facilitated the purchase of approximately $9.65 million worth of SOL on the open market to back new shares issued to clients. An on-chain transfer of roughly 95,887 SOL confirmed the transaction, adding to what has become a quietly dominant run for the fund since its October 2025 debut.
That single purchase is a rounding error compared to the bigger picture. Cumulative net SOL purchases through BSOL have reached approximately $948 million, making it the clear heavyweight in the US spot Solana ETF category with around 80% of total net inflows.
How BSOL became the default Solana fund
When Bitwise launched BSOL on October 28, 2025, it carried a distinguishing feature that competitors lacked: the fund directly holds and stakes SOL, targeting a gross annual yield of roughly 7%. That means investors get exposure to SOL’s price movements and pocket staking rewards on top of it, all without having to manage a wallet or navigate validator selection themselves.
The fee structure hasn’t hurt either. BSOL carries a management fee of 0.20%, which Bitwise has waived entirely for the first $1 billion in assets under management.
The fund’s momentum has been building steadily. On August 24, 2026, BSOL pulled in $25 million in a single day. During high-demand stretches, daily average inflows have ranged between $40 million and $50 million. And in September 2026, the entire US spot Solana ETF category posted a record single-day inflow exceeding $80 million, with BSOL contributing a significant share.
The broader Solana ETF market is heating up
BSOL isn’t operating in a vacuum. Total US spot Solana ETF inflows surpassed $1.6 billion by late September 2026. That figure reflects a market that barely existed a year earlier, when the SEC had yet to approve any spot SOL products.
What separates BSOL from the rest of the pack is the staking component. Non-staking Solana ETFs offer straightforward price exposure, while staking-enabled products create a yield layer that appeals to allocators who evaluate crypto alongside fixed income and dividend equities. BSOL’s 80% market share in net inflows creates a first-mover advantage reinforced by its fee waiver and staking feature, leaving competitors without staking to compete on fees alone.
What this means for SOL and the competitive landscape
Nearly $950 million in cumulative open-market purchases represents meaningful demand pressure on SOL’s supply dynamics. Every time BSOL issues new shares, it needs to buy and stake actual SOL tokens. Staked SOL through BSOL also contributes to network security by increasing the total stake delegated to validators, making the fund a significant participant in Solana’s proof-of-stake consensus mechanism.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
