Bitwise Solana ETF Took $267M Inflows, Lost $316M in H1
Investors added $267.1M to Bitwise’s Solana Staking ETF in H1 2026, but $262.9M of unrealized SOL losses and $70.9M of realized losses produced a $316M operating loss.
Bitwise’s Solana Staking ETF (BSOL) received $267.1 million of net share capital in the first half of 2026. The fund recorded $262.9 million of unrealized depreciation on its SOL holdings and $70.9 million of realized losses, producing a $316.0 million decline from operations. Net assets at June 30 stood at about $592.3 million, roughly $49.0 million below their December 31, 2025 level.
BSOL issued a net 20.02 million shares during the period. Outstanding shares rose from 39.18 million to 59.20 million after 28.03 million creations and 8.01 million redemptions. The net asset value per share fell from $16.37 at year-end 2025 to $10.01 at June 30, 2026.
Net investment income for the half-year was $17.7 million, which included $19.2 million in staking rewards before expenses. The filing attributes the $262.9 million unrealized depreciation to mark-to-market declines in the market value of the fund’s SOL holdings, while the $70.9 million of realized losses came from positions sold during the period.
The $267.1 million of net capital raised through share creations did not fully offset the $316.0 million operational loss, so total net assets declined despite the inflows of new capital.
The filing reports creation and redemption totals but does not identify the beneficial owners behind authorized participant activity. It provides monthly redemption figures but only quarterly and half-year creation totals, which limits visibility into the timing of demand for the ETF.
For comparison, the Invesco Solana ETF increased its share count from 180,000 to 675,000 after 535,000 creations and 40,000 redemptions. Its NAV per share fell from $12.45 to $7.57, and total net assets rose from $2.2 million to $5.1 million because net capital inflows exceeded a $1.5 million operational loss and $45,831 of distributions.
The filing records staking rewards as part of investment income and records mark-to-market and realized losses that reduced operating results. Creation and redemption activity changed the funds’ total assets while NAV per share declined during the Solana price drop.
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