Investors poured $267 million into Bitwise’s Solana ETF, but market losses erased every cent
The Bitwise Solana Staking ETF (BSOL) had strong net share creation in the first half of 2026, with net capital inflows of $267.1 million and shares rising from 39.18 million to 59.20 million. Even so, total net assets fell to $592.3 million, about $49.0 million below year-end, because operations produced a larger $316.0 million loss. Most of that loss came from $262.9 million in unrealized depreciation on Solana holdings and $70.9 million in realized losses. Staking rewards and investment income added $17.7 million net, but not enough to offset the decline. NAV per share fell from $16.37 to $10.01, showing that higher share issuance did not protect investors from SOL price weakness. A comparison fund, Invesco Galaxy Solana ETF, shows the opposite outcome: its net creations exceeded operating losses, so total assets grew even though NAV still fell.
