American investors seem to have a strong demand for exchange-traded funds (ETFs) focused on staking, as Bitwise's new Solana product saw significant inflows on its first trading day.
According to Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, the Bitwise Solana Staking ETF (BSOL), which began trading on Tuesday, has attracted approximately $222.8 million in assets.
Balchunas believes this scale is significant for a newly launched cryptocurrency ETF, indicating that institutional participation and confidence in staking strategies are increasing.
Bitwise previously launched a Solana staking exchange-traded product in Europe last year, but the U.S. version faced delays due to regulatory uncertainties surrounding staking activities.
BSOL—the first U.S. Solana ETF—provides investors with exposure to Solana (SOL) and an estimated yield of about 7% from network staking rewards.
As reported by Cointelegraph, this launch follows the REX-Osprey Solana Staking ETF (SSK) on June 30, which had a trading volume of approximately $12 million on its first day.
Both launches occurred after the U.S. Securities and Exchange Commission (SEC) Corporate Finance Division issued a staff statement on May 29, clarifying that certain proof-of-stake (PoS) activities do not constitute securities offerings under federal law.
An August follow-up statement expanded these conditions to include certain liquid staking activities.
Following the sensational debut of the U.S. spot Bitcoin (BTC) ETF in early 2024—and the slower but eventual significant inflows into Ethereum (ETH) ETFs—analysts say attention is now turning to alternative crypto assets.
In January, JPMorgan predicted that the upcoming Solana and Ripple (XRP) ETFs could attract billions in inflows within the first six months of trading, potentially surpassing Ethereum's early performance.
The bank's forecast is based on comparable adoption rates of Bitcoin and Ethereum funds, estimating that the SOL fund could see inflows of $3 billion to $6 billion, while the XRP product could attract $4 billion to $8 billion.
Related: Opinion: Wall Street ETFs are taming Bitcoin (BTC) and turning it into a cash machine
Original article: “Bitwise Solana Staking ETF Attracts $223 Million on First Day, Showing Strong Institutional Demand”
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