The long-awaited arrival of spot Solana-based exchange-traded funds (ETFs) in the United States has quickly turned into a one-sided competition. Just hours after the debut of the first Solana ETFs, initial trading data shows that Bitwise has taken a sweeping lead, leaving Grayscale and other competitors struggling to keep pace in the nascent Solana ETF race.
Bitwise’s BSOL ETF had a brilliant start, attracting approximately $116 million in total inflows in its first two days of trading. The fund racked up an impressive $57.9 million in volume on its launch day and another $75 million the following session.
Bloomberg analyst Eric Balchunas described this performance as “huge” for a crypto product debut. Observers attribute BSOL’s success to its timing and pricing advantage, launching a day before Grayscale and offering a lower management fee of 0.2%, compared to its rival’s 0.35%.
Competition Intensifies Despite Initial Dominance
Grayscale’s newly converted GSOL fund entered the market one step behind. Despite its strong brand recognition, GSOL recorded only $1.4 million in net inflows and around $4.9 million in trading volume on its first day. The time gap, though small, proved costly.
As Balchunas noted, “being just one day behind makes a huge difference in momentum.” Meanwhile, REX-Osprey continues to chart a different course with its SSK ETF, launched in July under a structure that allows it to offer staking rewards.
Ironically, these launches occurred during a U.S. government shutdown. The SEC allowed issuers to proceed thanks to new procedural rules that can automatically make certain filings effective after 20 days without direct review. This unexpected regulatory flexibility allowed both BSOL and GSOL to go live on time. Currently, Solana (SOL) is trading near $186, with mixed technical indicators.
Although Bitwise dominates now, the Solana ETF race is just beginning. Fidelity, VanEck, and 21Shares are reportedly preparing their own products. However, Bitwise’s head start and dominant liquidity may define the tone of the Solana ETF landscape, proving that in crypto finance, timing still matters as much as innovation.