The Bitwise Solana ETF, formally named the Bitwise Solana Staking ETF, recorded a internet $267.1 million improve from share transactions within the first half of 2026. But it completed June with $592.3 million of internet property, about $49.0 million lower than on the finish of December.
Licensed members deal with these creations and redemptions. Bitwise’s submitting doesn’t establish the useful house owners, so it doesn’t present whether or not establishments or one other holder class drove the rise.
The reason sits within the fund’s Aug. 7 quarterly submitting. BSOL reported a $316.0 million decline from operations in the course of the six months. That exceeded the $267.1 million internet capital improve.
Many of the operational injury got here from mark-to-market losses. The fund recorded $262.9 million of unrealized depreciation on its Solana holdings and $70.9 million of realized losses. Internet funding earnings got here to $17.7 million, together with $19.2 million in staking rewards earlier than internet bills.
Why the Bitwise Solana ETF misplaced floor
BSOL would have wanted greater than the interval’s $316.0 million operational loss to complete with extra property than it began. The $267.1 million improve fell about $49.0 million quick.
BSOL’s share depend climbed from 39.18 million to 59.20 million. The fund issued 28.03 million shares and redeemed 8.01 million. The submitting disclosed no cut up or different share adjustment.
Internet asset worth per share fell from $16.37 to $10.01. The drop reveals {that a} rising share depend didn’t defend every share from losses on the Bitwise Solana ETF’s SOL portfolio.
The submitting offers month-to-month redemption figures however solely quarterly and half-year creation totals. The ending share depend subsequently establishes substantial internet creation exercise, however not that demand arrived at a gradual fee all through the interval.
A contrasting fund final result
Invesco Galaxy Solana ETF reveals the identical mechanism with the other outcome for whole property. Its quarterly submitting reveals shares rising from 180,000 to 675,000 after 535,000 purchases and 40,000 redemptions.
NAV per share nonetheless fell 39.2%, from $12.45 to $7.57.
QSOL grew whole internet property from $2.2 million to $5.1 million as a result of its $4.4 million internet capital improve exceeded a $1.5 million operational loss and $45,831 of distributions.
The comparability places the Bitwise Solana ETF’s end in context. Internet share capital could make a fund bigger when it exceeds portfolio losses and distributions, nevertheless it can not by itself forestall NAV per share from falling throughout a SOL drawdown.
