TLDR
- BSOL ETF drew $69.5M in net inflows and $57.9M in trading volume on debut.
- HBAR and Litecoin ETFs launched with $0 inflows despite active trading.
- BSOL became the top ETF debut of 2025 by both inflows and trading volume.
- SEC procedural changes enabled ETF launches during the U.S. shutdown.
Bitwise’s spot Solana ETF, BSOL, recorded $69.5 million in net inflows on launch day, setting a 2025 ETF debut record.
The new ETF, which offers full exposure to Solana (SOL), also led the day in trading volume among newly launched ETFs this year. In contrast, Canary Capital’s new spot ETFs for Hedera (HBAR) and Litecoin (LTCC) launched the same day but recorded zero net flows, despite modest trading volumes.
Strong Start for BSOL on First Day
Bitwise’s BSOL ETF launched on Tuesday with $69.5 million in net inflows, according to data from Farside and SoSoValue. This marked the largest day-one inflow for any U.S. ETF launched in 2025. The fund also received $222.9 million in seed capital, pushing its total net assets to $292.4 million.
BSOL is the first U.S. spot ETF offering 100% direct exposure to Solana. It follows the Securities Act of 1933 pathway, the same as U.S. spot Bitcoin and Ethereum ETFs. Within the first hour of trading, BSOL crossed $10 million in volume and closed the day with $57.9 million, the highest for any ETF debut this year.
Bloomberg Senior ETF Analyst Eric Balchunas noted on X that BSOL had a “strong start” and could have seen even higher asset totals had the seed investment been fully deployed on day one.
HBAR and Litecoin ETFs Record No Inflows
Canary Capital launched two new U.S. spot ETFs—HBR for Hedera and LTCC for Litecoin—using the same procedural path as BSOL. However, both funds posted zero net inflows on their debut. Still, HBR saw $8.6 million in trading volume, and LTCC recorded $1.4 million.
Analysts say that zero flows on the first day are not unusual. Bloomberg ETF analyst James Seyffart explained that ETF share creation happens only when there is a strong difference between market supply and demand. If that imbalance is not present, no new shares are issued or redeemed, even if trading occurs.
These funds also follow the 1933 Act route and hold direct exposure to their respective digital assets. They launched under updated procedures allowed by the SEC during limited operations caused by a U.S. government shutdown.
SEC Procedural Changes Supported ETF Launches
During the government shutdown, the SEC allowed issuers to proceed by filing final S-1 statements without direct staff review. These filings became effective automatically after 20 days. Issuers also filed Form 8-A to register ETF shares for trading and used newly approved generic listing standards for commodity-based trust shares.
These changes allowed Bitwise and Canary Capital to move forward with ETF launches even during limited SEC operations. Without these steps, the timing of BSOL, HBR, and LTCC could have been delayed.
Bitwise confirmed the BSOL launch date on Monday, stating, “Solana is headed into the mainstream — and we think it’s just getting started.” Grayscale is expected to launch its own Solana ETF, GSOL, the following day.
Existing Crypto ETFs See Continued Inflows
While BSOL drew attention, U.S. spot Bitcoin and Ethereum ETFs continued to attract large amounts. On Tuesday, they saw $202.4 million and $246 million in inflows, respectively, according to The Block.
Vetle Lunde, Head of Research at K33, said in a report that most Bitcoin ETF inflows this year are from BlackRock’s IBIT. Excluding BlackRock, the rest of the Bitcoin ETFs have seen outflows totaling $1.3 billion. Lunde also noted that BlackRock’s absence from the new altcoin ETFs could limit flows to smaller products but also opens the door for other issuers to gain market share.
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