Bitwise Solana ETF Loses Ground Despite $267 Million Investment Influx

The Bitwise Solana ETF, BSOL, has reported significant losses in its first half of 2026. Despite attracting $267.1 million in net share capital, the fund's assets decreased by about $49.0 million from December to June. The main reason for this decline was the $262.9 million in unrealized depreciation on its Solana holdings.

BSOL's shares rose from 39.18 million to 59.20 million during the period, but the net asset value per share fell from $16.37 to $10.01. This indicates that each share suffered losses due to the decline in SOL prices. The fund's quarterly filing shows a $316.0 million operational loss for the six months.

For comparison, the Invesco Galaxy Solana ETF, QSOL, showed a contrasting result. Although its shares also rose significantly, its total net assets increased from $2.2 million to $5.1 million due to a higher net capital increase exceeding losses and distributions.