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Bitwise Solana ETF posts $316M operational loss despite $267M net inflows
The fund’s June net assets fell to $592.3 million, while NAV per share dropped from $16.37 to $10.01 on $262.9 million of unrealized Solana depreciation.
Bitwise’s Solana ETF, the Bitwise Solana Staking ETF (BSOL), reported a net $267.1 million increase from share transactions in the first half of 2026, but it still finished June with $592.3 million in net assets, about $49.0 million below its December level. Authorized participants are responsible for creations and redemptions, and the filing does not name beneficial owners, so it does not show which holder class drove the net share increase.
In its Aug. 7 quarterly filing, the fund said it had a $316.0 million decline from operations over the six months, driven primarily by mark-to-market impacts. BSOL recorded $262.9 million of unrealized depreciation on its Solana holdings and $70.9 million of realized losses, which outweighed the $267.1 million net capital increase from share transactions.
The filing also showed net investment income of $17.7 million, including $19.2 million in staking rewards after net expenses. Even with a share count rise from 39.18 million to 59.20 million, BSOL’s NAV per share fell from $16.37 to $10.01, underscoring that net creation activity did not protect per-share value during the Solana drawdown, according to CryptoSlate.
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