Bitwise's Solana staking ETF (BSOL) drew nearly $100 million in trading volume in a single day, with assets under management approaching $770 million. The milestone lands as Solana Company, a validator operator that earns 99.4% of its revenue from staking, publicly opposes a governance proposal that would cut future staking yields.
The Bitwise Solana Staking ETF (BSOL) saw nearly $100 million in trading volume in a single day, a milestone that shows how much institutional and retail demand has built around yield-generating crypto products. BSOL trades on NYSE Arca and stakes 100% of its holdings, giving investors both price exposure to Solana and staking rewards in a single regulated wrapper.
AUM nears $770 million as the fee waiver narrows
When BSOL debuted on October 28, 2025, it generated first-day volume between $55.4 million and roughly $69.5 million. Its assets under management have since grown from an initial $217 million, past $500 million by November 2025, to roughly $760 to $770 million.
Bitwise waived its 0.20% sponsor fee entirely on the first $1 billion in assets for a three-month introductory period, making early entry effectively free. SOL staking rewards have historically averaged around 7%, an income stream pure price-tracking Solana products can't match. With AUM nearing $770 million, that zero-fee window is narrowing.
A governance vote could squeeze that yield
Yet the staking yield that draws investors into products like BSOL now faces a challenge from within Solana's own governance process. Solana Company, a Nasdaq-listed SOL treasury company and validator operator, announced on Aug. 21 that it would oppose SGP-0002, a proposal to double annual disinflation from 15% to 30%. Staking produced $2.512 million of the company's $2.526 million in second-quarter revenue, or 99.4%.
Under Solana's governance design, delegated stake follows a validator's default position unless a native staker overrides it before the validator votes, after it votes, or when it abstains. As of Aug. 23, the proposal remained in voting with about 5.27 million SOL For and 547,019 SOL Against, with For representing roughly 90.6% of decisive stake at that moment.
What faster disinflation would mean for stakers
A model tied to the proposal estimates about 18.89 million fewer SOL issued over six years under the faster schedule. At a 68% staking-participation assumption, nominal staking yield would move from 5.84% under the current schedule to 4.34% in the first year of the faster path, then 3.00% and 2.25% in the following two years.
Sources: Crypto Briefing, CryptoSlate
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