Investor interest in staking-focused exchange-traded funds (ETFs) in the United States seems robust, with Bitwise’s new Solana product experiencing significant inflows on its initial trading day.
The Bitwise Solana Staking ETF (BSOL), which commenced trading on Tuesday, has already garnered approximately $222.8 million in assets, as reported by Bloomberg Intelligence senior ETF analyst Eric Balchunas.
Balchunas described the figure as notable for a newly launched crypto ETF, indicating enhanced institutional participation and confidence in staking strategies.
Bitwise had previously launched a Solana staking exchange-traded product in Europe last year, but the US variant encountered delays due to regulatory uncertainties surrounding staking activities.
BSOL — the first US Solana ETF — provides investors with exposure to Solana (SOL) and an estimated 7% yield generated from staking rewards on the network.
As Cointelegraph noted, this launch follows the REX-Osprey Solana Staking ETF (SSK) on June 30, which recorded around $12 million in first-day trading volume.
Both products debuted after the US Securities and Exchange Commission’s Division of Corporation Finance released a staff statement on May 29 clarifying that specific proof-of-stake (PoS) activities do not qualify as securities offerings under federal law.
A subsequent statement in August broadened these conditions to encompass particular liquid staking activities.
Related: Solana, Litecoin, Hedera ETFs to launch Tuesday: Analyst
Institutional demand for crypto ETFs remains strong
Following the impressive launch of US spot Bitcoin (BTC) ETFs in early 2024 — and the gradual but ultimately significant inflows into Ether (ETH) ETFs — analysts report that focus is now shifting to alternative crypto assets.
In January, JPMorgan forecasted that forthcoming Solana and XRP (XRP) ETFs could attract billions of dollars in inflows within their initial six months of trading, potentially even exceeding Ether’s early performance.
The bank’s prediction was based on the comparable adoption rates of Bitcoin and Ether funds, estimating $3 billion to $6 billion in inflows for SOL funds and $4 billion to $8 billion for XRP products.
Related: ‘No BlackRock, no party’ for Bitcoin, altcoin ETF investments: K33 Research
