Bitwise’s Spot Solana ETF Shatters Expectations with $69.5M Debut, Leaving Rival SSK in the Dust

Wall Street's latest crypto crush just dropped—and the numbers don't lie.

The Solana Surge

Bitwise's new spot Solana ETF exploded out of the gate, pulling in a staggering $69.5 million on day one. That's not just strong—that's institutional-money-pouring-in-while-traditional-finance-scratches-its-head strong.

Leaving Competitors Behind

The fund immediately outpaced rival SSK's offering, proving once again that in crypto, first-mover advantage matters—until someone executes better. Wall Street's usual 'wait-and-see' approach got bulldozed by actual demand.

What This Means for Crypto

This isn't just another ETF launch. It's validation that institutional investors are hungry for Solana exposure beyond the usual Bitcoin and Ethereum plays. The market's voting with its wallet—and the tally looks bullish.

Meanwhile, traditional finance veterans are probably still trying to explain to their bosses what a 'spot' ETF actually means. Some things never change—like the gap between crypto-native understanding and legacy finance's cautious dance.

One day, $69.5 million. Next stop? Let's just say the traditional finance playbook needs another rewrite.

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

The Bitwise Solana Fund (BSOL) now stands as the clear favorite among institutional and retail investors eyeing Solana-based exposure.

“Truly a watershed moment,” said Kyle Samani, managing partner at Multicoin Capital, noting that “the substantial majority of capital in the world was legally not allowed to trade or own Solana until today.”

The two ETFs represent divergent strategies in Solana exposure. Bitwise’s BSOL offers a fully spot-based structure, directly staking all held SOL tokens in-house to pass along Solana’s full network yield, around 7% annually, to investors.

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

In contrast, SSK takes a diversified approach. Roughly 54% of its portfolio is held in direct Solana, 43.5% in the CoinShares Physical Staked Solana ETP listed in Switzerland, and the remainder in JitoSOL, short-term government securities, and cash.

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

Analysts say BSOL’s early traction reflects institutional enthusiasm for Solana as a high-throughput blockchain with growing on-chain revenue.

“Institutional investors love ETFs, and they love revenue,” said Matt Hougan, CIO of Bitwise. “Solana has the most revenue of any blockchain. Therefore, institutional investors love Solana ETFs.”

Institutional investors love ETFs, and they love revenue. Solana has the most revenue of any blockchain. Therefore, institutional investors love Solana ETFs.

I have a feeling the Bitwise Solana Staking ETF, $BSOL, is gonna be huge.

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Grayscale’s own Solana ETF, GSOL, is also set to begin trading on Wednesday, joining the race to capture institutional demand for Solana exposure.

Despite the positive sentiment around the launches, traders remain cautious. Prediction market Myriad currently gives Solana just a 32.7% chance of reaching a new all-time high this year.

As of Wednesday, Solana (SOL) is down 3.1% over 24 hours, trading at $194, while 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 first half of 2026.

The token, issued by Anchorage Digital Bank, will allow users to MOVE money globally with lower fees and faster settlement times, reducing reliance on traditional banking intermediaries and volatile currency conversions.

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

He said Solana was chosen for its speed, scalability, and low-cost transactions, which are crucial for the company’s high-volume remittance business.

By leveraging blockchain rails, Western Union aims to make remittances nearly instantaneous and more transparent.

If widely adopted, USDPT could drive stablecoin use beyond crypto trading and into everyday payments, bill settlements, and cross-border commerce, marking a pivotal step toward mainstream digital dollar adoption.