The Bitwise Solana Staking ETF, ticker BSOL, took in $267.1 million in net new capital during the first half of 2026. Yet remarkably, the fund’s net assets actually declined over the same period. According to a quarterly report released on August 7, BSOL’s net assets stood at $592.34 million as of the end of June, down roughly $49 million from $641.33 million at the end of December. CryptoSlate reported on the figures, comparing them to the identically structured Invesco Galaxy Solana ETF, ticker QSOL, to illustrate that inflows and changes in net assets don’t necessarily move in the same direction.

The key to understanding BSOL’s first-half decline in net assets lies in the scale of its operating losses. The quarterly filing showed a $316.0 million loss from operations over the six-month period — far exceeding the $267.1 million raised through share transactions. Most of that loss came from mark-to-market declines. BSOL recorded $262.9 million in unrealized losses on its Solana holdings, along with $70.9 million in realized losses. Net investment income, by contrast, came to just $17.74 million. That figure included $19.17 million in staking rewards, but after deducting $1.75 million in combined sponsor and staking fees, it fell far short of offsetting the losses from the price decline. As of June 30, the trust held 8,047,218 Solana tokens, valued at $73.51 each for net asset value purposes — a steep drop from $123.88 at the end of December, underscoring that the root cause of BSOL’s losses was the decline in Solana’s own price.

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BSOL’s share count rose from 39.18 million to 59.20 million over the first half of the year. The fund issued 28.03 million shares and redeemed 8.01 million, for a net increase of 20.02 million shares. The filing disclosed no stock split or other share adjustment. The real issue was net asset value per share, which fell from $16.37 to $10.01 — a decline of 38.85%. Regardless of the rising share count, losses in the Solana portfolio were passed directly through to per-share value. CryptoSlate calculated that offsetting the $316.0 million operational loss would have required net inflows larger than that figure, but the $267.1 million BSOL actually took in fell about $49 million short. The filing disclosed monthly redemption figures but provided share issuance data only on a quarterly or half-year basis — meaning the final share count confirms substantial net issuance occurred, but doesn’t reveal whether that demand arrived at a steady pace throughout the period. Bitwise’s filing also doesn’t identify beneficial owners, so it’s unclear whether institutional investors or another class of holders drove the increase. BSOL charges a 0.20% annual sponsor fee on its Solana holdings, and for the first half of the year its annualized gross and net expense ratios came to 0.58% and 0.47%, respectively — including staking-related fees equal to 0.38% of average net assets.

The identically structured Invesco Galaxy Solana ETF produced the opposite result. According to QSOL’s quarterly filing, its share count rose from 180,000 to 675,000, the result of 535,000 shares issued against 40,000 redeemed. QSOL’s net asset value per share also fell sharply, from $12.45 to $7.57 — a 39.2% decline comparable to BSOL’s. But QSOL’s total net assets actually grew, from $2.2 million to $5.1 million, because its $4.4 million increase in net capital exceeded the combined $1.5 million operating loss and $45,831 in distributions.

CryptoSlate drew out the significance of these two contrasting outcomes: when net capital inflows exceed portfolio losses and distributions, a fund’s overall size can grow — but during a period when SOL’s price is falling, that growth can’t by itself prevent per-share value from declining. BSOL’s inflows fell short of its losses, so its total assets shrank; QSOL’s inflows exceeded its losses, so its total assets grew — yet both funds’ per-share values fell by roughly the same margin. In the end, the episode illustrates that a fund’s total asset growth and the returns individual investors actually experience are two very different metrics.

Both BSOL and QSOL are structured to stake their Solana holdings for additional yield — reflected in BSOL’s $19.17 million in staking rewards for the half-year. But the results make clear that staking rewards alone aren’t enough to offset losses driven by swings in Solana’s own price. Both funds shared one thing in common: steady inflows of new capital throughout the first half. BSOL’s net share issuance far outpaced net redemptions, and the same held true for QSOL, indicating that investor demand itself has continued unabated. Whether that new capital actually grows a fund’s asset base or protects its per-share value, however, ultimately comes down to the direction of Solana’s price — a dynamic this quarter’s filings underscored once again. Separately, all six U.S. spot Solana ETFs recently experienced an unusual five-session stretch with zero net inflows or outflows across the board, following an $18.1 million outflow from BSOL on July 28 — though analysts note that reflects a pause in primary-market flow specifically, not necessarily a disappearance of actual holdings, secondary-market trading, or investor interest.