Bitwise’s Spot Solana ETF Sees $69.5M in First-Day Inflows, Outpacing Rival SSK

Bitwise Asset Management’s newly launched spot Solana ETF is seeing robust investor urge for food, recording $69.5 million in inflows on its first buying and selling day.

The determine is sort of six instances the $12 million debut haul of its closest competitor, the Rex-Osprey Solana Staking ETF (SSK), in response to information from Farside.

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

The Bitwise Solana Fund (BSOL) now stands because the clear favourite amongst institutional and retail buyers eyeing Solana-based publicity.

“Truly a watershed second,” said Kyle Samani, managing associate at Multicoin Capital, noting that “the substantial majority of capital in the world was legally not allowed to commerce or personal Solana till immediately.”

The two ETFs characterize divergent methods in Solana publicity. Bitwise’s BSOL provides a completely spot-based construction, instantly staking all held SOL tokens in-house to move alongside Solana’s full community yield, round 7% yearly, to buyers.

The fund trades on the New York Stock Exchange and carries a modest 0.20% administration payment, which Bitwise has waived for the primary three months.

In distinction, SSK takes a diversified strategy. Roughly 54% of its portfolio is held in direct Solana, 43.5% in the CoinShares Physical Staked Solana ETP listed in Switzerland, and the rest in JitoSOL, short-term authorities securities, and money.

Its staking rewards are paid month-to-month and categorized as a return of capital for tax functions. SSK trades on the Chicago Board Options Exchange with a 0.75% expense ratio.

Analysts say BSOL’s early traction displays institutional enthusiasm for Solana as a high-throughput blockchain with rising on-chain income.

“Institutional buyers love ETFs, and so they love income,” mentioned Matt Hougan, CIO of Bitwise. “Solana has probably the most income of any blockchain. Therefore, institutional buyers love Solana ETFs.”

Grayscale’s personal Solana ETF, GSOL, can be set to start buying and selling on Wednesday, becoming a member of the race to seize institutional demand for Solana publicity.

Despite the constructive sentiment across the launches, merchants stay cautious. Prediction market Myriad at the moment offers Solana only a 32.7% likelihood of reaching a brand new all-time high this 12 months.

As of Wednesday, Solana (SOL) is down 3.1% over 24 hours, buying and selling at $194, whereas Bitcoin has dropped 3.2% from Tuesday’s peak of $116,000, per CoinGecko.

Western Union to Launch Dollar-Backed Stablecoin on Solana

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

The token, issued by Anchorage Digital Bank, will enable customers to maneuver cash globally with decrease charges and sooner settlement instances, lowering reliance on conventional banking intermediaries and unstable forex conversions.

CEO Devin McGranahan described the transfer as a continuation of Western Union’s 175-year mission to simplify cash transfers, this time by blockchain expertise.

He mentioned Solana was chosen for its pace, scalability, and low-cost transactions, that are essential for the corporate’s high-volume remittance enterprise.

By leveraging blockchain rails, Western Union goals to make remittances almost instantaneous and extra clear.

If broadly adopted, USDPT might drive stablecoin use past crypto buying and selling and into on a regular basis funds, invoice settlements, and cross-border commerce, marking a pivotal step towards mainstream digital greenback adoption.

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