Bitwise's staking-enabled Solana ETF, BSOL, bought roughly $9.65 million worth of SOL on the open market to back new client shares. The fund has now driven nearly $948 million in cumulative net SOL purchases, capturing about 80% of all US spot Solana ETF inflows since its October 2025 launch.
Bitwise's Solana Staking ETF 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.
That single purchase is a rounding error next to the bigger picture. Cumulative net SOL purchases through BSOL have reached approximately $948 million, making it the heavyweight of the US spot Solana ETF category. The fund now holds around 80% of total net inflows in that category.
How BSOL became the default Solana fund
Bitwise launched BSOL on October 28, 2025 with a feature competitors lacked: the fund directly holds and stakes SOL, targeting a gross annual yield of roughly 7%. Investors therefore get SOL price exposure plus staking rewards without managing a wallet or picking validators themselves.
The fee structure has helped too. BSOL carries a management fee of 0.20%, waived entirely for the first $1 billion in assets under management.
Momentum has built steadily since then. On August 24, 2026, BSOL pulled in $25 million in a single day, and during high-demand stretches daily average inflows have ranged between $40 million and $50 million. 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 alone. Total US spot Solana ETF inflows surpassed $1.6 billion by late September 2026, a market that barely existed a year earlier, when the SEC had yet to approve any spot SOL products.
The staking component sets BSOL apart. Non-staking Solana ETFs offer straightforward price exposure, while staking-enabled products add a yield layer that appeals to allocators who weigh crypto against fixed income and dividend equities. As a result, BSOL's 80% share of net inflows gives it a first-mover advantage reinforced by its fee waiver and staking feature, leaving non-staking competitors 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. Every time BSOL issues new shares, it must buy and stake actual SOL tokens. That staked SOL 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.
Source: Crypto Briefing
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