Bitwise Solana ETF Nears $1B as BSOL Sells Zero SOL

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According to Arkham, Bitwise clients have only bought SOL over the past week. They have not net-sold SOL since late July. So the streak points to steady, one-way demand for the fund.

What Arkham Reported About BSOL

Arkham tracks Bitwise activity through its on-chain entity page. Its August 15 post said the firm had sold no SOL in two weeks. It also framed BSOL as the largest Solana ETF, with $900 million in combined flows since launch.

The claim rests on primary-market data, not verified wallet sells. In other words, it reflects fund creations and redemptions. Arkham has also posted charts of BSOL’s cumulative purchases over time. Still, several independent trackers land in the same range.

Bitwise Solana ETF Flows Near $1 Billion

Independent data backs the headline number. As of August 14, 2026, Solanafloor reported BSOL cumulative net flows of $906.35 million. Farside Investors showed a similar figure near $900.7 million.

SoSoValue put the historical total at $900 million as well. Because the trackers treat seed capital and cut-off dates differently, the figures vary slightly. Even so, they cluster tightly around $900 million.

The wider Solana ETF category has already passed that mark. Farside pegged combined flows near $1.13 billion, while Solanafloor listed $1.17 billion. So BSOL alone accounts for most of the group’s total.

Why Zero Redemptions Matter

ETFs usually see two-way flow. Investors create shares when they buy and redeem shares when they exit. A multi-week stretch without redemptions is unusual.

The quiet period followed an $18.1 million BSOL outflow on July 28, 2026. After that, primary-market activity stayed flat or zero. Then, on August 10, BSOL drew $8.8 million, almost the entire category inflow that day.

According to CryptoBriefing, that print was the strongest single day for Solana ETFs in months. Meanwhile, rival funds barely moved. MSOL added just $1.43 million on August 11.

The Gap Between Flows and AUM

Cumulative flows tell only part of the story. BSOL’s assets under management sat near $612.6 million on August 14, well below its $906 million in flows. The gap exists because SOL fell over the period.

SOL traded roughly $71 to $77 in early-to-mid August 2026. As a result, market losses ate into the fund’s value even as money kept flowing in. SEC filings show the same pattern. H1 2026 net inflows reached $267.1 million, and SOL price declines then trimmed the fund’s value. An SEC 10-Q listed net assets near $592 million as of June 30, 2026.

How BSOL Became the Category Leader

Bitwise moved first, and that head start still shows. BSOL began trading before Grayscale, Fidelity, VanEck, and other issuers launched their own Solana funds. Since then, it has often held 70% to 80% of category assets and flows.

The fund also waived its fee on the first $1 billion in assets for a promotional period. So the near-$1 billion milestone carries extra weight for Bitwise. It marks the point where that early fee waiver starts to matter. Most rival Solana funds remain far smaller by comparison.

Both Sides of the Demand Debate

Not everyone reads the streak as pure institutional buying. Skeptics note that seed capital and conversions make up a large share of early totals. They also argue that zero redemptions can simply mean few holders want to exit.

That view has a point. Secondary-market trading can move SOL without any creation or redemption. So the “zero sold” label reflects fund plumbing more than every on-chain trade. AUM can also fall while net flows stay positive, as the $906 million flow versus $613 million AUM gap shows. Bitwise has not published a statement matching Arkham’s exact wording.

What Staking Adds to the Bitwise Solana ETF

BSOL is a staking product, and that sets it apart from plain spot funds. It aims to stake close to 100% of its SOL. As a result, network rewards accrue into the fund’s value rather than paying out as cash.

Sources recently cited a staking yield in the mid-6% to 7% range. Coinbase serves as the custodian, according to product materials. Bitwise launched BSOL on NYSE Arca on October 28, 2025, as the first U.S. spot Solana ETP.

What Comes Next for BSOL

For now, the $1 billion mark sits within reach. Another day like August 10 could push the Bitwise Solana ETF past it. Yet flows can turn quickly, so the streak may not hold.

Traders will watch whether demand broadens beyond BSOL to rivals like Grayscale’s GSOL and VanEck’s VSOL. They will also track SOL’s price, since it drives AUM as much as flows do. This article is not financial advice, and readers should do their own research before investing.