Solana BSOL ETF Delivers 7% Yield and Price Exposure
Bitwise launched the first Solana staking ETF (BSOL) on October 28, 2025, on NYSE Arca, integrating on-chain staking rewards into NAV. Solana staking ETF BSOL offers investors dual returns from SOL price exposure and approximately 7% annualized on-chain yield. Institutional inflows exceeded $545 million within two weeks, underscoring growing demand for yield-bearing products. Despite strong net inflows, SOL’s spot price fell nearly 29% amid macro headwinds, highlighting the slower price transmission of locked staking capital compared to spot ETFs. The surge in institutional capital pushed Solana’s total staked supply to over 417 million SOL, equivalent to about $35 billion in TVL. BSOL reshapes Solana’s PoS ecosystem with a dual-layer structure: a TradFi staking pool for compliant institutional funds and a DeFi layer (bSOL, mSOL, JitoSOL) for liquidity. The BSOL model may extend to other PoS chains like Sui, AVAX, and ATOM, paving the way for multi-asset yield baskets. Key risks include yield volatility, slashing risk, and liquidity constraints. As blockchain yields gain financialization, Solana staking ETF marks a shift from price speculation to yield-based valuation.
Bullish
The launch of Solana’s BSOL staking ETF opens a major institutional gateway to on-chain yields, echoing the bullish catalysts seen after Bitcoin and Ethereum spot ETFs. With over $545 million in net inflows and a dual-layer TradFi/DeFi staking structure, BSOL strengthens Solana’s network fundamentals and TVL, anchoring SOL’s value in yield-based valuation. While macro headwinds delayed immediate price gains—similar to spot fund inflows in late 2021—the structural shift toward yield exposure supports long-term bullish momentum. Traders may see SOL as a yield asset, reducing volatility and fostering stable capital allocation over time.