Bitwise’s Spot Solana ETF Attracts $69.5 Million in Initial Day Inflows, Surpassing Competitor SSK

Bitwise Asset Management’s recently introduced spot Solana ETF is experiencing significant interest from investors, achieving $69.5 million in inflows on its inaugural trading day.

Key Takeaways:

• Bitwise’s Solana ETF attracted $69.5M in inflows on its first day, nearly six times the $12M debut of its competitor SSK.
• Institutional interest in Solana is on the rise, which industry experts are calling a “watershed moment” for the asset.
• Bitwise’s spot-based model and staking yield provide it with an early edge as competitors like SSK and Grayscale’s GSOL enter the market.

This amount is almost six times greater than the $12 million initial figure of its nearest rival, the Rex-Osprey Solana Staking ETF (SSK), based on data from Farside.

Bitwise Solana ETF Represents “Watershed Moment” as Institutions Enter SOL Market

The Bitwise Solana Fund (BSOL) has emerged as the preferred choice among institutional and retail investors seeking exposure to Solana.

“Truly a watershed moment,” stated Kyle Samani, managing partner at Multicoin Capital, emphasizing that “the vast majority of capital globally was legally restricted from trading or owning Solana until today.”

https://twitter.com/KyleSamani/status/1983181496925204811

The two ETFs embody different strategies for gaining Solana exposure. Bitwise’s BSOL features a fully spot-based framework, directly staking all SOL tokens held in-house to distribute Solana’s complete network yield, approximately 7% annually, to investors.

The fund is listed on the New York Stock Exchange and has a modest management fee of 0.20%, which Bitwise has waived for the initial three months.

Conversely, SSK adopts a diversified strategy. About 54% of its portfolio is invested in direct Solana, 43.5% in the CoinShares Physical Staked Solana ETP listed in Switzerland, with the remainder allocated to JitoSOL, short-term government securities, and cash.

Its staking rewards are distributed monthly and classified as a return of capital for tax purposes. SSK is traded on the Chicago Board Options Exchange with a 0.75% expense ratio.

Analysts suggest that BSOL’s early success indicates institutional enthusiasm for Solana as a high-throughput blockchain with increasing on-chain revenue.

“Institutional investors favor ETFs, and they appreciate revenue,” remarked Matt Hougan, CIO of Bitwise. “Solana generates the most revenue of any blockchain. Consequently, institutional investors are drawn to Solana ETFs.”

Institutional investors favor ETFs, and they appreciate revenue. Solana generates the most revenue of any blockchain. Consequently, institutional investors are drawn to Solana ETFs.
I have a feeling the Bitwise Solana Staking ETF, $BSOL, is gonna be huge.
This material must be accompanied by a…

— Matt Hougan (@Matt_Hougan) October 28, 2025

Grayscale’s own Solana ETF, GSOL, is also set to commence trading on Wednesday, joining the competition to meet institutional demand for Solana exposure.

Despite the optimistic outlook surrounding the launches, traders remain cautious. Prediction market Myriad currently assigns Solana a 32.7% probability of achieving a new all-time high this year.

As of Wednesday, Solana (SOL) has decreased by 3.1% over the past 24 hours, trading at $194, while Bitcoin has fallen by 3.2% from Tuesday’s peak of $116,000, according to CoinGecko.

Western Union to Introduce Dollar-Backed Stablecoin on Solana

As reported, Western Union intends to launch the US Dollar Payment Token (USDPT) on the Solana blockchain in the first half of 2026.

The token, issued by Anchorage Digital Bank, will enable users to transfer money globally with reduced fees and quicker settlement times, decreasing dependence on traditional banking intermediaries and fluctuating currency conversions.

CEO Devin McGranahan characterized the initiative as a continuation of Western Union’s 175-year mission to simplify money transfers, this time utilizing blockchain technology.

He noted that Solana was selected for its speed, scalability, and low-cost transactions, which are essential for the company’s high-volume remittance operations.

By utilizing blockchain infrastructure, Western Union aims to make remittances nearly instantaneous and more transparent.

If widely embraced, USDPT could expand stablecoin usage beyond cryptocurrency trading and into everyday transactions, bill payments, and cross-border commerce, representing a significant advancement toward mainstream digital dollar adoption.

The post Bitwise’s Spot Solana ETF Sees $69.5M in First-Day Inflows, Outpacing Rival SSK appeared first on Cryptonews.