Bitwise BSOL crosses $1B AUM as XRP ETFs trail Solana

Bitwise's Solana Staking ETF crossed $1 billion in AUM on Aug. 26, the first US-listed Solana fund to hit that mark in 10 months. The fund held 9.33 million SOL worth approximately $1.018 billion, with 96 percent of assets staked through a Helius-powered program generating a 5.80 percent net reward rate over 90 days.

"Most of the approximately $1 billion of inflows have come in a bear market, an impressive indication of investor conviction," Bitwise said on X. Bloomberg senior ETF analyst Eric Balchunas said the category's $1.7 billion in cumulative flows was "impressive" given the sector avoided prolonged outflows during a difficult first half.

The milestone arrived as Solana spot ETFs posted their strongest 10-day inflow stretch on record at $138 million, including a $47 million single-day inflow on Aug. 25, according to Glassnode. BSOL captured roughly 79 percent of the category's cumulative flows. Goldman Sachs disclosed $88.1 million in holdings across three US Solana ETF products as of June 30, making the bank the largest known institutional holder. The fund recorded $126 million in single-day trading volume on Friday, a new high.

The milestone highlights a widening gap between Solana and XRP ETF markets. Bitwise's CEO said XRP ETFs are growing steadily but have yet to enter the "big league" of billion-dollar crypto funds. The divergence comes as Solana's governance community approved faster disinflation — doubling the annual rate from 15 percent to 30 percent — while rejecting a proposed fee-and-burn structure.

BSOL shares remain roughly 40 percent below their listing price, while SOL trades about 60 percent below its all-time high. SOL fell 4.26 percent to $103.58 over 24 hours, tracking broader crypto weakness after hawkish Federal Reserve commentary. The token had gained nearly 45 percent over the month preceding the milestone.

Charles Schwab, which manages $12 trillion in assets, said it would begin rolling out spot Solana trading in the coming months. Cumulative trading volume for spot Solana ETFs has surpassed $13 billion since their September 2025 launch, according to The Block data. Investor flow data for the first half of 2026 showed advisers were net buyers during the second quarter, while hedge funds were net sellers. Net subscriptions totaled $267.1 million in the first six months, lifting holdings from 5.15 million SOL to 8.05 million SOL by June 30.

The fund charges a 0.20 percent management fee and targets full deployment of eligible assets for staking. Staking rewards accrue in SOL and remain inside the portfolio rather than being distributed as cash, meaning they can add tokens backing each share over time. Bitwise cautioned that rates vary and are not guaranteed.

XRP ETF market still short of billion-dollar mark

The XRP ETF market has grown steadily but has yet to produce a billion-dollar fund. Bitwise's CEO framed the comparison as a reality check for XRP investors, noting that Solana's regulated staking products have attracted a different scale of institutional capital. Cumulative inflows across Solana ETFs represent roughly 2.2 percent of SOL's total market capitalization.

The gap reflects structural differences between the two assets. Solana ETFs offer staking yields, giving investors a passive income stream on top of price exposure. XRP ETFs, by contrast, provide no yield mechanism, making them less attractive in a low-yield environment. The sustained inflows despite a bear market suggest institutional demand for regulated staking products is not a passing trend. As the regulatory environment evolves, similar products could emerge for other networks, potentially reshaping how institutions access crypto yields.

This article is for informational purposes only and does not constitute investment advice.