Here’s How the First Solana ETF Performed on Its First Trading Day

Bitwise put Solana ETF discussions in the spotlight this week with the launch of its new product, the Bitwise Solana Staking ETF (BSOL). 

Notably, the fund began trading on NYSE Arca and was one of three altcoin ETFs that went live yesterday after securing regulatory approval despite the ongoing government shutdown. Alongside BSOL, Canary Capital introduced two other funds: the Canary HBAR ETF (HBR) and the Canary Litecoin ETF (LTCC).

Bitwise Spotlights Its Solana ETF Product

In a post on X after the first trading day, Bitwise described BSOL as the largest spot Solana ETF on the market. The company said the fund aims to stake all of its assets and carries a 0.20% management fee. 

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However, Bitwise will waive this fee for the first three months on the first $1 billion in assets. It also confirmed that investors will receive 100% of staking rewards during that same period with no deductions. Notably, BSOL ended its debut day with $57.6 million in trading volume and $285.9 million in assets under management (AUM), according to Bitwise.

Data from the official Bitwise website shows that both the gross and net staking reward rates currently stand at 7.32%, though those numbers could change over time. The company targets a full 100% of assets staked, but as of now, about 82% have been deployed. 

Further, the Bitwise Solana ETF holds 1,462,104 SOL tokens worth roughly $288.9 million. Each share represents 0.13 SOL, with Solana accounting for the entire allocation. The fund’s net asset value (NAV) sits at $25.82, with Coinbase acting as the custodian.

How the Bitwise Solana ETF Performed on Its Debut

Before trading began, Bloomberg Senior ETF Analyst Eric Balchunas called the launch a big moment for the crypto ETF market. Ahead of the opening, Balchunas predicted BSOL would see $52 million in trading volume on day one, while HBR and LTCC would reach $8 million and $7 million, respectively.

When markets closed, Balchunas shared that BSOL outperformed his estimate, posting $56 million in trading volume. HBR matched expectations with $8 million, while LTCC closed with $1 million. 

Balchunas later pointed out that BSOL’s debut ranked as the strongest of any ETF launch in 2025, surpassing high-profile products like XRPR, SSK, Ives, and BMNU. 

$BSOL's $56m is the MOST of any launch this year.. More than $XRPR, $SSK, Ives and $BMNU. And what's amazing is it seeded with $220m. It could have invested seed on Day One, which would have resulted in $280m-ish, would be even more than $ETHA's debut. Strong start either way.

— Eric Balchunas (@EricBalchunas) October 28, 2025

He also revealed that BSOL launched with $220 million in seed capital. According to him, if Bitwise had invested that seed capital on the first day, total trading volume could have reached about $280 million. This would have been more than BlackRock’s iShares Ethereum ETF (ETHA) managed during its own debut.

Meanwhile, the latest data from the analytics firm Sosovalue, which has already begun tracking the Bitwise Solana ETF, shows that BSOL attracted $69.45 million in inflows on its first day.

Not long after BSOL’s launch, Grayscale rolled out its converted Solana Trust ETF (GSOL), which also began trading today. Analysts now await first-day performance data from GSOL to see how it compares to Bitwise’s early success.

Attention Shifts to XRP ETFs

Meanwhile, attention has shifted to XRP, as several firms, including Bitwise, Canary Capital, Grayscale, WisdomTree, and Franklin Templeton, await approval for their own XRP ETFs. Interestingly, Bloomberg analysts and Polymarket place odds of approval at essentially 100%.

Nate Geraci, President of NovaDius Wealth Management, praised BSOL’s performance, noting that it posted the highest first-day trading volume among roughly 850 ETF launches this year, citing Balchunas’ data. Geraci argued that XRP ETFs could witness a similar reception or even more.