Bitwise Solana Staking ETF Records Strong Launch Volume
The Bitwise Solana Staking ETF (BSOL) recorded $55.4 million in trading volume during its first day on the market, making it the most-traded crypto ETF launched in 2025 so far. The ETF debuted alongside two other altcoin funds from Canary Capital, reflecting ongoing expansion in exchange-traded products beyond Bitcoin and Ether.
Volume Outpaces Competing ETFs
According to Bloomberg ETF analyst Eric Balchunas, BSOL surpassed other new launches, outperforming staking ETFs tied to Solana and XRP from REX Osprey and Canary Capital. BSOL's debut trading volume exceeded pre-launch expectations, a sign of heightened investor interest. Balchunas had estimated BSOL would launch with $52 million in trading volume. The fund attracted significant inflows prior to its official opening, suggesting increased institutional confidence in crypto exposure and in staking strategies, where investors earn rewards by locking up tokens to validate transactions on blockchains.
Comparisons With Other ETF Launches
Canary Capital�s Hedera Hashgraph ETF (HBR) registered $8 million in first-day trades, matching analyst projections. Its Litecoin ETF (LTCC) closed with $1 million, falling short of the $7 million pre-launch estimate. While BSOL led among 2025 altcoin ETF launches, it traded well below the volumes seen in last July�s debut of nine spot Ether ETFs, which tallied $1.08 billion on their first day in the U.S. crypto ETF market. Grayscale�s Ethereum Trust, following its conversion, contributed $458 million to that total, while BlackRock�s fund saw $248.7 million. Bitwise�s Ether ETF product itself logged $94.3 million in initial trading, outpacing the new Solana fund.
Outlook
Asset managers appear increasingly willing to launch ETFs tied to alternative cryptocurrencies and novel mechanisms like staking. The response to BSOL and its peers highlights the evolving demand landscape among both institutional and retail investors. Crypto ETF launches will continue to be closely watched as regulatory clarity emerges and investor appetite develops.
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