Investors poured $267 million into Bitwise’s Solana ETF, but market losses erased every cent

The Bitwise Solana ETF, formally named the Bitwise Solana Staking ETF, recorded a net $267.1 million increase from share transactions in the first half of 2026. Yet it finished June with $592.3 million of net assets, about $49.0 million less than at the end of December.

Authorized participants handle those creations and redemptions. Bitwise’s filing does not identify the beneficial owners, so it does not show whether institutions or another holder class drove the increase.

The explanation sits in the fund’s Aug. 7 quarterly filing. BSOL reported a $316.0 million decline from operations during the six months. That exceeded the $267.1 million net capital increase.

Most of the operational damage came from mark-to-market losses. The fund recorded $262.9 million of unrealized depreciation on its Solana holdings and $70.9 million of realized losses. Net investment income came to $17.7 million, including $19.2 million in staking rewards before net expenses.

Why the Bitwise Solana ETF lost ground

BSOL would have needed more than the period’s $316.0 million operational loss to finish with more assets than it started. The $267.1 million increase fell about $49.0 million short.

BSOL’s share count climbed from 39.18 million to 59.20 million. The fund issued 28.03 million shares and redeemed 8.01 million. The filing disclosed no split or other share adjustment.

Net asset value per share fell from $16.37 to $10.01. The drop shows that a rising share count did not shield each share from losses on the Bitwise Solana ETF’s SOL portfolio.

The filing gives monthly redemption figures but only quarterly and half-year creation totals. The ending share count therefore establishes substantial net creation activity, but not that demand arrived at a steady rate throughout the period.

A contrasting fund outcome

Invesco Galaxy Solana ETF shows the same mechanism with the opposite result for total assets. Its quarterly filing shows shares rising from 180,000 to 675,000 after 535,000 purchases and 40,000 redemptions.

NAV per share still fell 39.2%, from $12.45 to $7.57.

QSOL grew total net assets from $2.2 million to $5.1 million because its $4.4 million net capital increase exceeded a $1.5 million operational loss and $45,831 of distributions.

The comparison puts the Bitwise Solana ETF’s result in context. Net share capital can make a fund larger when it exceeds portfolio losses and distributions, but it cannot by itself prevent NAV per share from falling during a SOL drawdown.