The Bitwise Solana ETF, formally named the Bitwise Solana Staking ETF, recorded a net $267.1 million increase from share transactions in the first half of 2026. Yet it finished June with $592.3 million of net assets, about $49.0 million less than at the end of December.
Authorized participants handle those creations and redemptions. Bitwise’s filing does not identify the beneficial owners, so it does not show whether institutions or another holder class drove the increase.
The explanation sits in the fund’s Aug. 7 quarterly filing. BSOL reported a $316.0 million decline from operations during the six months. That exceeded the $267.1 million net capital increase.
Most of the operational damage came 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. Net investment income came to $17.7 million, including $19.2 million in staking rewards before net expenses.
Why the Bitwise Solana ETF lost ground
BSOL would have needed more than the period’s $316.0 million operational loss to finish with more assets than it started. The $267.1 million increase fell about $49.0 million short.
BSOL’s share count climbed from 39.18 million to 59.20 million. The fund issued 28.03 million shares and redeemed 8.01 million. The filing disclosed no split or other share adjustment.
Net asset value per share fell from $16.37 to $10.01. The drop shows that a rising share count did not shield each share from losses on the Bitwise Solana ETF’s SOL portfolio.
