Solana ETFs have gained approval in both the United States and Hong Kong and now join the ranks of cryptocurrencies with exchange-traded products. The shift is happening after Bitcoin and Ethereum — and Solana is simultaneously giving institutional investors access to staking.
Among the Solana ETFs now approved in the United States are exchange-traded products from Bitwise and Grayscale.
The ETF launches by Bitwise and Grayscale on NYSE Arca brought in over $117 million in inflows in the first few days alone. However, despite the interest in the ETFs, the price of Solana (SOL) fell by around 8% on launch day. This is often referred to as “sell the news” when it comes to finance.
The big breakthrough for crypto-based ETFs came in January last year when Bitcoin-based ETFs were approved. In May 2025, the Ethereum ETFs followed suit, and now we see Solana taking the step up as the next big platform for listed products.
Grayscale's analyst Zach Pandl expects that up to 5% of all SOL could end up in ETPs -- the equivalent of $5 billion. This, according to Pandl, could lower the threshold for larger funds and pension assets, and make Solana available to far more people than existing crypto communities.
Da Kaupr video interview Matt Hougan (left in image, Morten Myrsstad right), investment director at Bitwise during the European Blockchain Convention in Barcelona, he pointed out how the Bitcoin ETFs marked an institutional breakthrough for crypto. Hougan's analysis of crypto's “institutional wave” materializes -- this time with staking integration and a new technology focus.
“This is just the beginning of a multi-year story. The crypto market is maturing fast and we are only in the beginning stages.”
— Matt Hougan, CIO, Bitwise (from Kaupr interview, October 2025)
Bitwise's Solana Staking ETF represents a historic shift in which staking rewards are integrated into a regulated, institutional product.
This gives investors exposure to Solana and at the same time access to staking returns, without even dealing with the tokens. The actions mark a pivot toward the financial market now recognizing the investment potential of proof-of-stake tokens, opening the door for more staking ETFs in the future.
Already on its opening day, Bitwise's Solana ETF has set records for 2025 with over $55 million in volume, and expected growth as institutional investors now seek alternatives beyond Bitcoin and Ethereum. Grayscale is following suit with its own Solana products, and institutional competition is driving market breadth and lower threshold for new capital.
That U.S. and Asian finance are now embracing Solana ETFs illustrates a powerful regulatory turn and rising confidence in crypto in global investor markets. The combination of regulated IPO and staking options makes the Solana ETF a pilot product for future strategies in both blockchain hedging and portfolio returns.
Solana is now stepping onto the big stage after Bitcoin and Ethereum as an institutional exchange product. This institutional shift isn't just about price — it's about new capital, technology, adoption, and financial innovation in crypto's next phase.
Meanwhile, there are over 150 ETF applications related to a variety of different cryptocurrencies awaiting approval by the US financial regulator SEC.
