Bitwise, an asset manager, announced that its Solana staking exchange-traded fund generated $55.4 million in trading volume on its first day of trading on Tuesday, coinciding with the launch of two other altcoin ETFs from Canary Capital.
The trading volume for the Bitwise Solana Staking ETF (BSOL) was the highest among all crypto ETFs launched in 2025, according to Bloomberg ETF analyst Eric Balchunas noted on Tuesday, surpassing the launches of REX Osprey’s XRP (XRP) and Solana (SOL) staking ETFs.
BSOL attracted approximately $223 million in assets prior to its launch, indicating a rising institutional interest and confidence in staking, which rewards those who lock up cryptocurrency on the blockchain to validate transactions.
Wall Street’s interest in crypto has broadened beyond Bitcoin (BTC) and Ether (ETH), as asset managers are now looking to introduce exchange-traded products linked to riskier cryptocurrencies or innovative mechanisms like staking.
BSOL exceeds expectations
BSOL’s $55.4 million trading volume outperformed Balchunas’ pre-launch estimate of $52 million, while the Canary Capital HBAR ETF (HBR) concluded its inaugural trading day at $8 million, aligning with the analyst’s forecast.
The Canary Capital Litecoin ETF (LTCC) recorded $1 million, falling short of Balchunas’ estimate of $7 million.
Ether ETFs lead for altcoin fund launches
However, BSOL’s initial trading volume was just a small portion of the $1.08 billion in trading volume recorded by the nine spot Ether ETFs that debuted last July, marking the first of the altcoin funds launched in the US.
Related: Polymarket expected to initiate its initial US relaunch in November: Report
Grayscale’s converted Ethereum ETF Trust contributed $458 million to that total, while the BlackRock-issued iShares Ethereum Trust ETF garnered $248.7 million.
Bitwise’s spot Ether ETF product also achieved $94.3 million, significantly outperforming its Solana product today.
Magazine: Bitcoin OG Kyle Chassé is one strike away from a YouTube permaban
