$267 Million Invested in Bitwise's Solana ETF Wiped Out by Market Losses

The Bitwise Solana Staking ETF (BSOL) saw a significant influx of funds in the first half of 2026, with net capital inflows reaching $267.1 million. However, this investment was not enough to shield the fund from market losses.

According to its quarterly filing, BSOL ended June with $592.3 million in assets under management (AUM), which is $49.0 million less than at the end of December 2026. This decline in AUM is largely due to a $316.0 million operational loss driven by $262.9 million of unrealized depreciation and $70.9 million of realized losses on its Solana holdings.

The fund's net asset value (NAV) per share fell from $16.37 to $10.01, indicating that the rising share count did not protect each individual share from losses. In fact, BSOL's share count increased from 39.18 million to 59.20 million due to 28.03 million new shares being issued and 8.01 million existing shares being redeemed.

A comparison with another Solana ETF, the Invesco Galaxy Solana ETF (QSOL), shows a similar trend of rising share count but falling NAV per share. QSOL's quarterly filing reveals that its $4.4 million net capital increase exceeded its $1.5 million operational loss and distributions.