Solana staking ETF tops $1 billion as XRP fund lags

Bitwise's Solana staking ETF crossed $1 billion in assets, the first US-listed Solana fund to reach the milestone in 10 months.

"Most of the approximately $1 billion of inflows have come in a bear market, an impressive indication of investor conviction," Bitwise said in a post on X on Aug. 28.

The fund held 9.33 million SOL with net assets of $1.0175 billion on Aug. 26, with 96 percent of assets staked through a Helius-powered program generating a 5.80 percent net reward rate over 90 days. BSOL shares traded about 40 percent below their listing price, while Solana remained roughly 60 percent below its all-time high.

The milestone shows growing institutional demand for yield-bearing crypto products, a structural advantage Solana holds over XRP, whose spot ETFs have yet to reach $1 billion in assets. Goldman Sachs disclosed $88.1 million in holdings across three US Solana ETF products as of June 30, and Charles Schwab plans to begin offering spot Solana trading within months.

Staking Yield Separates Solana From XRP

The yield mechanism is the key differentiator. BSOL charges a 0.20 percent management fee and targets full deployment of eligible assets for staking, with rewards accruing in SOL and remaining inside the portfolio rather than being distributed as cash. XRP spot ETFs, by contrast, offer no staking income because the XRP Ledger does not support proof-of-stake rewards, leaving investors reliant on price appreciation alone.

The gap shows in flows. Cumulative inflows across the Solana ETF category reached $1.7 billion, with BSOL capturing about 79 percent of that total, according to Glassnode data. The sector posted its strongest 10-day inflow stretch on record at $138 million, including a $47 million single-day inflow. Bloomberg ETF analyst Eric Balchunas said there was effectively no period of net outflows despite the sharp market selloff in the first half of the year.

Institutional Access Expands as Flows Hold

Institutional access to Solana is broadening as the market recovers. Goldman Sachs is the largest known institutional holder of spot Solana ETFs, with $88.1 million across Bitwise, Grayscale, and Fidelity products as of June 30. Charles Schwab, which manages $12 trillion in assets, said it plans to begin offering spot Solana trading within months.

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 asset milestone arrived during a period of weakness for the underlying token. SOL fell 4.26 percent over 24 hours to $103.58, tracking a broader crypto selloff that CoinMarketCap attributed to rising risk aversion after hawkish Federal Reserve commentary. Bitcoin declined 4.24 percent over the same stretch. CoinMarketCap identified $104.41 as an important Fibonacci support level for SOL, with a sustained move below it exposing the token to a pullback toward $100.

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