- Bitwise’s Solana ETF recorded $69.5M in its first trading day, surpassing SSK’s $12M launch and showing strong investor interest.
- The ETF applies a 0.20% management fee waived for three months, with all holdings staked in-house to pass an estimated 7% yield.
- SSK maintains 54% direct SOL and 43.5% CoinShares staked ETP, with monthly staking rewards treated as return of capital.
Bitwise’s Solana ETF drew about $69.5 million on its first trading day, a clear lead over Rex-Osprey’s SSK launch that gathered roughly $12 million, and the fund pairs a 0.20% management fee—waived for the first three months—with in-house staking that targets passing through an estimated 7% network yield to holders; the listing on the New York Stock Exchange signaled a simple, spot-only route as investors compared two approaches to staking income and portfolio construction.
Bitwise’s Solana ETF early flows, fee waiver, and staking design
Bitwise’s Solana ETF opened with strong demand that set the pace for new Solana trackers, recording about $69.5 million in day-one inflows and establishing a straightforward pitch built on pure spot exposure and full in-house staking. The structure stakes 100% of the SOL in the portfolio so the product can pass through the protocol’s approximate 7% yield, and the management fee sits at 0.20% with a three-month waiver that reduces near-term drag for allocators watching net returns. The fund lists on NYSE and aims to keep mechanics simple: hold SOL, stake SOL, and deliver the yield after fees, which helps analysts model distributions with fewer moving parts. Industry voices framed the moment with clear language; Kyle Samani called it a watershed for access, noting that a large share of global capital could not legally hold Solana until now, while Matt Hougan tied early interest to institutional comfort with ETFs and Solana’s revenue profile. In practice, these factors combined to create an accessible entry point that addresses demand for regulated wrappers without layering on complex derivatives or opaque revenue-sharing.
Bitwise’s Solana ETF vs SSK: structure, exposure mix, and cost
The comparison with SSK highlights different design choices that lead to distinct exposures and cash-flow profiles rather than a simple fee contest. SSK allocates about 54% to direct SOL, places roughly 43.5% in the CoinShares Physical Staked Solana ETP listed in Switzerland, and holds the remainder in JitoSOL plus short-term government obligations and cash or other assets, producing a diversified basket that blends spot, staked ETP exposure, and liquid instruments. Its stated total expense ratio sits at 0.75%, it trades on Cboe, and it distributes staking rewards monthly, with current guidance classifying those payouts as a return of capital for tax purposes. By contrast, Bitwise’s Solana ETF keeps all assets in spot SOL and stakes them internally, seeks to pass through the full protocol yield, and charges 0.20% while waiving that fee for three months, which can lift net yield in the launch window and simplify tracking difference. The flow gap—about $69.5 million for Bitwise on day one versus SSK’s roughly $12 million at debut—suggests investors favored the simpler, single-asset route for now, though the SSK mix may appeal to allocators who want a basket that includes staked exposure via a European ETP and cash-like buffers for operational flexibility.
Market reaction, price context, and prediction signals for Solana
Price action around the listings stayed mixed as traders adjusted risk after a strong run, with Solana near $194 and down about 3.1% over 24 hours while Bitcoin slipped roughly 3.2% from an intraday high near $116,000; the moves looked like ordinary position resets rather than a single-line verdict on any product. Prediction markets offered a calmer read on path probabilities: Myriad users assigned around a 32.7% chance that Solana would set a fresh all-time high this year, which implies room for upside but not a one-way bet. In this context, Bitwise’s Solana ETF operates as a cleaner vehicle for exposure and yield capture, and flow data will matter more than a single session’s price drop. Watch how creations and redemptions settle over the next few weeks, because persistent creations often correlate with stronger secondary-market liquidity, tighter spreads, and more stable premiums or discounts, which in turn influence how institutions size positions across custodians and trading venues.
GSOL arrival and implications for the segment
Grayscale’s GSOL secured approval and begins trading on Wednesday, adding another spot option to a lineup that now includes Bitwise’s Solana ETF and SSK, and the additional venue can deepen liquidity while giving allocators clearer cost and structure comparisons. With multiple issuers live, market makers can hedge across products more efficiently, which can narrow spreads and improve execution for larger tickets that need predictable fills. The presence of GSOL also sharpens analysis of how fee waivers, staking policies, and portfolio mixes translate into realized yield and tracking difference over a quarter or more, rather than only on launch day. For investors who manage mandates with strict wrapper rules, this broader menu can reduce operational friction, as different compliance teams may prefer specific issuers or exchanges. Over time, the segment’s growth will likely hinge on steady creations, transparent yield pass-through, and consistent handling of staking income for tax and accounting, areas where Bitwise’s Solana ETF has set a clear baseline that peers must match or explain.
Conclusion
Bitwise’s Solana ETF started with about $69.5 million in first-day inflows, applied a 0.20% fee waived for three months, and staked all holdings to target passing through an estimated 7% network yield, while SSK launched with about $12 million at debut, charges a 0.75% total expense ratio, allocates around 54% to direct SOL and 43.5% to a European staked ETP, and treats monthly staking distributions as a return of capital; Grayscale’s GSOL joins the lineup this week, giving institutions a larger set of regulated choices as Solana trades near $194 and prediction markets place the probability of a new high this year at roughly 32.7%, leaving flows, spreads, and realized yield as the main signals to track in the weeks ahead for anyone considering Bitwise’s Solana ETF as their core exposure.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
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