- BSOL begins trading on NYSE on Oct 28, 2025, the first U.S. spot Solana ETF with staking.
- Holds SOL directly and stakes 100% to target ~7% annual rewards; 0.20% fee waived for 3 months or until $1B AUM.
- Approval leveraged automatic S-1 effectiveness amid reduced SEC operations.
- Rivals line up: Grayscale (GSOL), VanEck (VSOL), Canary (SOLC), plus 21Shares, Franklin and Fidelity.
The U.S. crypto ETF market just turned another page as Bitwise Asset Management brought its Solana product to the New York Stock Exchange on October 28, 2025, trading under the ticker BSOL.
Unlike futures-based vehicles, the new fund holds SOL directly and stakes those assets to capture protocol rewards, making it the first U.S. spot Solana ETF with staking available to mainstream investors.
How BSOL works
BSOL provides full, direct exposure to SOL and stakes the fund’s entire holdings on-chain, with secure, institutional-grade custody. In filings, Bitwise notes that staking rewards around Solana currently average roughly 7% annually, described as the crypto equivalent of dividends or interest.
The manager intends to keep 100% of the ETF’s SOL staked and to automatically reinvest earned rewards back into the portfolio, while acknowledging operational nuances such as potential temporary lockups associated with staking.
The fund’s expense ratio is set at a 0.20% management fee, but it will be waived during the first three months of trading or until the ETF reaches $1 billion in assets under management, whichever occurs first.
Bitwise’s chief investment officer, Matt Hougan, has highlighted Solana’s high throughput and low fees, pointing to potential use cases in stablecoins and tokenization—factors the firm believes can help underpin institutional demand through a regulated ETF wrapper.
Regulatory backdrop and fast-track effectiveness
The launch arrives amid a period of reduced SEC activity due to a partial government shutdown. Bitwise’s updated S-1 included provisions that allowed automatic effectiveness 20 days after filing, a long-standing mechanism that does not require an explicit effectiveness notice when certain conditions are met.
That procedural move caught some market watchers off guard, resonating with a prior SEC reversal of a Bitwise approval. Analysts such as James Seyffart noted that the shift flew under the radar at first, with many observers taking time to parse how the paperwork change cleared the way for an on-time debut.
A crowded field is forming
SEC filings indicate a growing queue of Solana products, with seven issuers proposing ETFs as the category takes shape, and paired with global moves such as Hong Kong greenlighting a Solana spot ETF. Bitwise’s early start may offer a first-mover advantage as the market opens up.
For context, an earlier futures-based strategy—REX Osprey Sol Staking (SSK)—listed on Cboe in July. BSOL differs by offering spot exposure to SOL alongside on-chain staking inside an ETF structure.
Operations, validators and service providers
To safeguard assets, the fund’s SOL is held in cold storage with Coinbase Custody, according to materials describing the product’s operational design.
On-chain operations are handled by Bitwise’s platform and supported by Helius, which runs a dedicated “Bitwise Onchain Solutions” validator for BSOL intended to meet uptime and governance standards expected by institutional investors.
Market context and price reaction
BSOL’s debut follows earlier U.S. approvals for Bitcoin and Ethereum products and leans on a proof-of-stake design, even as the SEC has delayed decisions on other staking ETFs. Because PoS is less energy-intensive than PoW and can generate native rewards, Solana’s PoS architecture is a practical foundation for a staking-enabled ETF.
In early trading around the news cycle, SOL briefly moved above $203 before easing to roughly $200.14 at press time, while weekly performance showed gains near 7.9%. Analysts have flagged levels such as resistance around $205 and $215 with a potential target near $253, while monitoring supports around $197 and $182 if momentum fades, and derivatives markets saw related moves including a CME options initiative.
With BSOL on the tape, investors gain a regulated way to access SOL plus network rewards without handling wallets or staking tools directly, while the introductory fee waiver and the evolving regulatory path set the stage for more entrants and faster adoption as the Solana ETF race accelerates.
