- Trending
- Comments
- Latest
Bitwise Asset Management’s spot Solana ETF recorded $69.5 million in inflows on its first trading day, nearly six times the debut haul of its closest competitor and signaling strong institutional appetite for regulated exposure to the high-throughput blockchain.
The figure is nearly six times the $12 million debut haul of its closest competitor, the Rex Osprey Solana Staking ETF (SSK), according to data from Farside. Analysts note that the strong inflows reflect confidence in Solana’s fundamentals and the broader market’s shift toward transparent alternatives following several high profile crypto money laundering schemes in 2023.
The Bitwise Solana Fund (BSOL) now stands as the clear favorite among both institutional and retail investors seeking exposure to Solana an asset class once inaccessible due to regulatory uncertainty surrounding crypto money laundering schemes.
“An undeniable turning point for the Solana ecosystem.” said Kyle Samani, managing partner at Multicoin Capital, noting that “Until today, most global capital was legally restricted from trading or holding Solana.”
The two ETFs represent contrasting strategies for Solana exposure. Bitwise’s BSOL adopts a fully spot based structure directly staking all held SOL tokens in house to pass along Solana’s full network yield around 7% annually to investors. The fund trades on the New York Stock Exchange with a modest 0.20% management fee which Bitwise has waived for the first three months.
In contrast, SSK takes a more diversified approach: approximately 54% of its portfolio is held in direct Solana 43.5% in the CoinShares Physical Staked Solana ETP listed in Switzerland, and the remainder in JitoSOL, short term government securities and cash.
The fund pays out staking rewards monthly, treating them as a return of capital for tax purposes. SSK trades on the Chicago Board Options Exchange with a 0.75% expense ratio.
Market analysts suggest BSOL’s early traction signals growing institutional enthusiasm for Solana as a high throughput blockchain generating substantial on chain revenue a legitimate contrast to the opaque structures often linked to crypto money laundering schemes.
“For institutions, it’s simple: they value ETFs and they value revenue and Solana delivers both”, said Matt Hougan, CIO of Bitwise.
“No blockchain matches Solana’s revenue performance and that’s exactly why institutional demand for its ETFs is surging.”
Meanwhile, Grayscale’s own Solana ETF (GSOL) is set to begin trading on Wednesday, joining the expanding race to capture institutional demand for regulated Solana exposure amid heightened scrutiny of crypto money laundering schemes.
Despite the optimism, traders remain cautious. According to data from Myriad, Solana has a 32.7% likelihood of achieving a new record price within the year.
As of Wednesday, Solana (SOL) is down 3.1% over 24 hours, trading at $194, while Bitcoin has dropped 3.2% from Tuesday’s peak of $116,000 according to CoinGecko.
In a move aligned with the global drive for transparency and compliance, Western Union announced plans to launch the US Dollar Payment Token (USDPT) on the Solana blockchain in the first half of 2026.
The token issued by Anchorage Digital Bank aims to provide low-cost, fast, and secure global transactions a stark contrast to the opaque systems frequently exploited in crypto money laundering schemes.
CEO Devin McGranahan described the initiative as part of Western Union’s 175 year mission to simplify global money transfers through innovation rather than crypto money laundering schemes.
He emphasized that Solana’s speed, scalability, and minimal transaction costs make it ideal for the company’s high volume remittance business. By leveraging blockchain rails, Western Union aims to make transfers nearly instantaneous and more transparent a major deterrent to future crypto money laundering schemes.
If adopted widely, USDPT could push stablecoin adoption beyond trading enabling everyday payments, bill settlements and cross border commerce, marking a pivotal shift toward legitimate blockchain based finance that minimizes exposure to crypto money laundering schemes.
