---
title: "Bitwise's Solana staking fund took in $1.17 billion as the shares fell 44%"
url: "https://etf.net/news/bsol-shares-fall-44-despite-inflows-2026-10-23"
published_at: "2026-10-23T14:51:37.550Z"
updated_at: "2026-10-23T14:51:37.550Z"
byline: "ETF.net Research"
---

# Bitwise's Solana staking fund took in $1.17 billion as the shares fell 44%

A buyer at the first close is down 44%, while the fund still held $1.14 billion on Oct. 19, 2026, close to the $1.17 billion that had come in.

By ETF.net Research. Published Oct 23, 2026.

A year after the fund was seeded, Farside Investors, which publishes a daily tally of flows into U.S. spot crypto funds, counts **$1.17 billion** of net inflows into Bitwise Solana Staking ETF BSOL, and the shares are down **44%** from their first close.

An affiliate of Bitwise bought the first 100,000 shares at $25 on Oct. 23, 2025. Trading on NYSE Arca began Oct. 28, 2025. The decline runs from that day's close of $25.55 to the Oct. 22, 2026 close of $14.30.

The 44% is what a buyer at the first close lost. Bitwise [reported](https://bsoletf.com/) net assets of **$1.14 billion** as of Oct. 19, 2026. Set against the $1.17 billion that Farside counts through Oct. 22, 2026, the cash that came in is nearly all still in the fund.

That $1.17 billion is 76% of the $1.53 billion Farside counts for the U.S. spot Solana funds on its list, cumulative through Oct. 22, 2026. The next largest is Fidelity Solana Fund FSOL, at $229 million.

## The money arrived on the way down

In the first half of 2026 the fund took in $267 million of new shares and lost $316 million from operations, its [quarterly report](https://www.sec.gov/Archives/edgar/data/2045872/000119312526340160/bsol-20260630.htm) shows. Net assets fell from $641 million on Dec. 31, 2025 to $592 million on June 30, 2026.

The shares traded as low as $8.32 on June 5, 2026. The Oct. 22, 2026 close was 72% above that low.

Chart: The Oct. 22 close of **$14.30** sits above the June low

Farside has posted net outflows on most of the fund's October sessions, including $12.7 million on Oct. 16, 2026 and $5.7 million on Oct. 22, 2026.

## Staking added coins, and no cash

The fund holds the cryptocurrency Solana and stakes it, aiming to stake all of the coins. Through Sept. 30, 2026, [Bitwise's fact sheet](https://bitwise-materials.s3.us-east-1.amazonaws.com/public/fact-sheets/Fact-Sheet_BSOL_Bitwise-Solana-Staking-ETF.pdf) showed a since-inception loss of 35.0% at net asset value, 3.4 percentage points less than Solana's 38.4% decline. The share price was down 35.5% over that same window.

The comparison starts at the Oct. 23, 2025 inception, not the first close, and it ends on Sept. 30. The close that day was $16.15, and the shares have since fallen to $14.30.

In its [launch announcement](https://bitwiseinvestments.com/newsroom/bitwise-launches-bsol-first-spot-solana-etp-in-us), Bitwise cited a 7% average staking reward, the annualized 90-day network rate as of Oct. 22, 2025. The fact sheet says that kind of rate is not the fund's performance. On Sept. 30, 2026 the trailing gross rate was 5.85%, and 5.50% after the staking fee.

Rewards arrive as more Solana. A 5.50% rate on the coins is not 5.50 percentage points of dollar return once the coin itself has fallen.

In the first half of 2026, staking rewards were $19.2 million. The $316 million decline from operations is after that income.

The 0.20% sponsor fee was not the whole cost. For the first half of 2026 the annualized gross expense ratio was 0.58%, including staking fees of 0.38 percentage points. Without those fees, the [quarterly report](https://www.sec.gov/Archives/edgar/data/2045872/000119312526340160/bsol-20260630.htm) says, the gross ratio would have been 0.20%.

Bitwise waived the sponsor fee, and reimbursed the staking fees, on the first $1 billion of assets through Jan. 27, 2026. The net ratio for the half was 0.47%. The [prospectus](https://www.sec.gov/Archives/edgar/data/2045872/000121390025102689/ea026236201-424b3_bitwise.htm) sets the staking fee at 6% of the extra Solana, the same cut already taken out of the 5.50% rate, not a second charge.

The fund has not made a distribution. The extra Solana stays in the shares. The [prospectus](https://www.sec.gov/Archives/edgar/data/2045872/000121390025102689/ea026236201-424b3_bitwise.htm) says the fund does not anticipate distributions, and that for U.S. federal income tax purposes, staking can leave a shareholder with a tax liability and no cash from the fund to pay it.

Source: etf.net, https://etf.net/news/bsol-shares-fall-44-despite-inflows-2026-10-23. Please cite the page URL.