Solana Surpasses $1 Billion Threshold as XRP ETFs Lag Behind
Bitwise's Solana Staking ETF (BSOL) has reached $1 billion in Assets Under Management (AUM), just 10 months after its launch. This milestone was announced this week, with a built-in annual yield of around 5.8% generated through staking directly within the regulated ETF.
Commenting on the achievement, Bitwise CEO Hunter Horsley noted that only Bitcoin, Ethereum, and Solana ETFs have crossed the $1 billion mark so far. When asked about the absence of XRP ETFs from this list, Horsley replied, 'I'm not! There's no $1B XRP ETF yet!' This remark exposed a fundamental technological barrier for XRP: unlike Solana, the XRP Ledger has no native staking at all.
The only future alternative for funds could be the native XRPL Lending Protocol, which is currently undergoing a validator vote. For now, however, the XRP ETF sector is forced to rely exclusively on pure spot demand. Investor demand is undeniably strong: U.S. spot XRP ETFs have collectively accumulated an impressive $1.44 billion in net assets, with cumulative inflows reaching $1.66 billion.
However, because these products offer no yield, no individual fund has managed to reach the $1 billion mark. Bitwise's own fund leads the segment, controlling 44% of the market with $632.03 million in assets. Its closest competitors follow behind: Franklin Templeton's XRPZ holds $411.39 million, while Canary's WAXRP has $234.36 million.
The remaining share is divided among products from 21Shares and Grayscale. With the latest Form 13F filings confirming an influx of U.S. institutional investors into crypto ETFs, Bitwise's standalone XRP fund needs to attract approximately another $368 million in net assets to reach the coveted $1 billion threshold.