Investors poured $267 million into Bitwise’s Solana ETF, but market losses erased every cent

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 groundBSOL 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 c...