Bitwise BSOL Drew $267M in H1 2026 and Left Smaller as SOL Fell 40%

Bitwise's BSOL ETF drew $267.1 million in net new capital in the first half of 2026, per its 10-Q filing with the Securities and Exchange Commission. SOL fell 40.6% over the same period, and the resulting portfolio losses left the fund $49 million smaller by June 30 than it had been on January 1, despite those subscriptions.

Filed on August 7 and covering January 1 through June 30, 2026, it is the first half-year financial report by any US Solana ETF under standardized SEC accounting.

BSOL H1 2026: $316M Operational Loss Versus $267M of Net Subscriptions

Net assets started the period at $641.3 million and closed at $592.3 million, a $49 million decline, according to the same filing. Net new capital subscriptions totalled $267.1 million over the six months, with 28.03 million shares issued against 8.01 million redeemed, growing the share count from 39.18 million to 59.2 million.

SOL's reference price fell from $123.88 on December 31, 2025 to $73.51 on June 30, 2026, per the 10-Q summary published by StockTitan. That decline generated $262.9 million in unrealized depreciation and $70.9 million in realized losses, totalling $333.8 million in portfolio losses. Staking income of $17.7 million offset a portion. The fund's total operational decline for the period came to $316 million.

NAV per share fell from $16.37 to $10.01, a total return of -38.85% at NAV, per the filing. SOL holdings grew from 5.15 million tokens at the start of the year to 8.05 million at June 30, as subscription proceeds purchased additional SOL at falling prices throughout the period.

How BSOL's Staking Earned $17.7M Where a Pure Spot ETF Would Have Earned Nothing

BSOL commits 100% of its assets to staking through Bitwise Onchain Solutions in partnership with Helius hSOL$90.44+0.8%. In H1 2026, that arrangement generated $19.2 million in gross staking rewards, according to the 10-Q. After $1.75 million in total fund expenses, net investment income came to $17.7 million.

Those rewards accrue into NAV rather than being paid out as cash distributions. BSOL does not pay dividends; the staking income compounds into per-share value instead.

For the period, the annualized gross expense ratio was 0.58%, with 0.38 percentage points covering staking fees and 0.20 percentage points covering the sponsor fee. Fee waivers on the first $1 billion in assets ran through January 27, 2026, bringing the net expense ratio for the half to 0.47%.

A pure spot ETF holding the same SOL would have earned zero yield on the same price decline. BSOL's staking mechanism returned $17.7 million in net income over the period. A passively held position would have generated none.

BSOL's Position Among Six US Solana ETFs

BSOL launched on October 23, 2025 as the first US ETP with direct SOL exposure, and this H1 filing covers the fund's entire first operating half-year. With $592.3 million in net assets at June 30, it is the largest of the six US Solana ETFs by a wide margin. The group also includes VanEck's VSOL, Fidelity's FSOL, 21Shares' TSOL, Franklin Templeton's SOEZ, and Grayscale's GSOL.

As Solana Compass reported earlier this month, all six products recorded zero net primary-market flow for five consecutive trading sessions through August 4, following an $18.1 million outflow from BSOL on July 28. Cumulative sector-wide net flows through that date reached $1.122 billion, though roughly $449.3 million of that represented seed capital placed at launch.

The H1 2026 10-Q is the first time a US Solana ETF has disclosed full six-month results under standardized SEC reporting. The filing documents both the $267.1 million investors committed during a period of falling SOL prices and the $17.7 million the fund earned through its staking arrangement.