Bitwise ETF Adds 192K SOL, Now Holds $587M in Solana
Bitwise BSOL ETF withdraws 192,865 SOL from Coinbase, increasing total holdings to over $587M.
- Bitwise withdrew 192,865 SOL worth $26.39M from Coinbase
- The ETF now holds 4.3M SOL, valued at $587M
- Shows increasing institutional interest in Solana
Bitwise’s BSOL Solana ETF continues to ramp up its crypto holdings. In its latest move, the fund withdrew another 192,865 SOL (worth approximately $26.39 million) from Coinbase. This withdrawal follows a series of similar actions that reflect rising confidence in Solana (SOL) as a long-term digital asset investment.
With this addition, the Bitwise Solana ETF now holds 4,317,187 SOL, currently valued at around $587 million. The consistent accumulation signals a strong bullish stance on Solana by institutional players.
What This Means for Solana and the Crypto Market
The increasing allocation of SOL by a major player like Bitwise highlights the growing relevance of Solana in the broader blockchain ecosystem. Once seen as a competitor to Ethereum, Solana has carved out its niche with faster transactions, lower fees, and a rapidly expanding ecosystem of DeFi, NFTs, and Web3 projects.
Institutional ETFs, like Bitwise’s, not only add buying pressure to SOL but also legitimize it in the eyes of more conservative investors. By storing these assets off exchanges like Coinbase, Bitwise also ensures greater security and reduces potential market liquidity risks.
Institutional Confidence in Solana Is Rising
This latest withdrawal shows a clear pattern: Bitwise is doubling down on Solana. The move might also be strategic ahead of potential spot Solana ETF approvals in the U.S., as regulatory sentiment around crypto continues to evolve.
The numbers speak volumes — a nearly $600 million position in Solana by one ETF is a strong signal of where smart money is headed. If this trend continues, it could propel SOL’s price and adoption further in the coming months.
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