By Louis, Trendverse Lab
On October 28, 2025, Solana pledge of Bitwise, ETF (BSOL), was officially presented at the New York Stock Exchange. In just a few days, the inflow of funds has been strong; by the beginning of November, net inflows had exceeded $500 million, making Solana an encrypted asset that had entered the mainstream financial system after Bitcoin and Ethera。
UNLIKE TRADITIONAL SPOT ETFS, WHICH ONLY TRACK PRICES, BSOLS DIRECT THE HOSTING SOL ON THE CHAIN PLEDGE, ADDING REAL NETWORK INCENTIVES TO THE NET VALUE OF THE FUND. THIS MEANS THAT, FOR THE FIRST TIME, CHAIN GAINS ARE INCORPORATED INTO THE ASSET PRICING LOGIC OF THE TRADITIONAL FINANCIAL SYSTEM THROUGH THE STRUCTURAL DESIGN OF THE COMPLIANCE ETF。
At the intersection of encryption with traditional finance, the fund is not just “ another ETF” but a turn of market structure — — the logic of capital is shifting from speculation to gain and from the bottom of the chain。
However, this change has also put three key issues on the table: do institutions really hold on to Solana's long-term status? How does this model change the chain pledge ecology? Can it be replicated by other chains
next, we will analyze this &ldquo from “ product mechanism — market response — ecological impact — future replicability ” four dimensions; chain gain into wall street ” experiment。
I. BSOL ' S STRUCTURAL INNOVATION: COMPLIANCE WITH CHAIN GAINS
Bitwise Solana Staking ETF (BSOL) is the first global compliance product that directly incorporates public chain pledge proceeds into the net value of the Fund (NAV). The Fund was issued by Bitwise Assembly Management and registered in the United States and officially listed in NYSE Arca on 28 October 2025。
BSOL ' s innovations in the design of the mechanism are: Bitwise, by hosting SOL and directly participating in the Solana network pledge, allows investors to obtain a double return in the same product at the same time as &ldquao; price + chain gain &rdquao。
SOURCE: BSOL FORM S-1
Specifically, when investors buy BSOL shares, Bitwise buys the same amount of SOL with funds and holds it in Coinbase Custody. Subsequently, the assets will be pledged to more than 100 certification nodes. After deducting approximately 6 per cent of the nodal commission and 0.2 per cent of the annualized management fee, the pledge is fully credited to the net value of the fund, rather than distributed in the form of cash dividends。
As a result, BSOL net values are driven on a daily basis by two key curves: one from SOL market price fluctuations and the other from the accumulated chain-up pledge gains. According to Bitwise ' s estimate, its initial pledge annualized return was about 7 per cent, much higher than most traditional fixed-income assets。
However, BSOL is not the first ETF linked to Solana in the United States market. Prior to this, REX– Osprey SOL + Staking ETF (SSK) was the first to be launched and the current size of the fund is approximately $276 million。
Source: Rexshares Network of Officials
The SKK model is more indirect: about half of the assets are held directly by SOL and the other half is invested in the Swiss listed CoinShares Staked Solana ETP, thereby obtaining indirect pledge proceeds. For the portion held by itself, SKK commissioned external certifying officers to pledge and regularly disburse interest in cash to investors, with a distribution rate of approximately 5.1 per cent at the end of September。
By contrast, Bitwise took the path of more & ldquo; protochemical & rdquo; Instead of relying on third-party nodes, it worked with Solana infrastructure provider Helios to establish its own certification node Bitwise Onchain Solutions, which would directly involve all ETF assets in the pledge. All pledge proceeds will automatically be added to the net value of the fund, forming an intrinsic revenue structure that increases over time。
THIS STRUCTURE MAKES BSOL NOT ONLY AN ETF BUT ALSO A LINK BETWEEN TRADITIONAL FINANCIAL AND CHAIN-BASED ECONOMIC SYSTEMS. IT PROVIDES NEW AVENUES FOR INSTITUTIONAL FUNDING TO BENEFIT FROM THE CHAIN OF DIRECT CONTACT UNDER A COMPLIANCE FRAMEWORK AND IS THEREFORE A FOCUS OF MARKET ATTENTION。
Market response and price transfer: from heat to structural financial flows
Since its official listing on October 28, 2025, the market heat of Bitwise Solana Staking ETF (BSOL) has continued to rise. According to Arkham Research, the first day of the market was about $69.5 million, with a further increase of $46.5 million the next day and a further $36.5 million the third day. In just three days, net inflows exceeded $100 million; by the beginning of November, cumulative inflows had exceeded $545 million, making them one of the fastest growing categories of encrypted equity。
Data source: Coingecko
However, in contrast to the rapid influx of funds, SOL ' s short-term price performance has been relatively smooth and even followed by a significant fall. According to Trading News, despite an ETF inflow of over $400 million, the spot price of SOL fell by about 29 per cent in the following month. This & ldquo; financial inflows go hand in hand with prices & rdquo; contrasts have triggered extensive discussion in the market. In fact, this trend is not unique to Solana, but is a general manifestation of the entire encrypted market under macro-pressures. Decrypt states that during the same period,11 the total size of the assets of only the spot ETF in bitcoin had shrunk by more than $2.1 billion,9 and that the net outflow of $579 million had also accumulated with the ETF only. The increased risk of closure of the United States Government, the soaring rate of return on national debt and the tightening of global liquidity have together suppressed risk asset performance. Thus, the recall of SOL is more like a systematic reflection of macro-risk avoidance than a structural problem of a single asset. At the same time, the market response at this stage reveals the fundamental differences in structural logic between Solana ETF and BTC and ETH ETF. Traditional bitcoin and ETFs usually correspond to instant spot purchases, and entry of funds directly contributes to price increases; BSOL mechanisms are closer to & ldquo; long-term lock-in & rdquo; and funds enter and are pledged into network operations, with proceeds from chain incentives rather than short-term price fluctuations. In other words, while capital inflows form a structural buyout, the pace of transmission to secondary market prices is significantly slower。
As CoinPaper commented, BSOL ' s financial flows are more visible in &ldquao; long-term capital allocation &rdquao; not &ldquao; short-term trade heat &rdquao; What's more likely to increase the level of ecological activity and the total value of the network lock (TVL) rather than the immediate price response。
Source: Staking Renewals
This trend is also reflected in the chain data: over the same period, Solana ' s total pledge increased to approximately 417 million SOLs, estimated at an average current price of about $180, with a total pledge value of about $35 billion. In other words, despite the downward trend in prices, the size and dynamism of the network are increasing, reflecting a robust expansion of the economic base of the chain. Overall, the introduction of BSOL reveals a shift in the finance structure of the encrypted market — — capital is moving away from the pursuit of volatile speculative funds towards longer-term allocation forces seeking to recover returns. These & ldquo; slow and deep & rdquo; flows are becoming an important signal for Solana to move towards the mainstream financial system。
III. INSTITUTIONAL PARTICIPATION AND Eco-Rebalancing: Reconstruction of the Solana Guarantee System
Changes in the pattern of financial flows essentially reflect a reshaping of the logic of institutional engagement. Bitwise's introduction of BSOL has gone beyond the birth of a new ETF. It is more like a signal effect, indicating that some mainstream financial institutions have begun to include Solana in “ deployable assets ” scope of discussion. This trend does not mean that the regulatory hierarchy has formally recognized its status, but rather shows that the acceptance of the PoS web-based revenue model by regulators and institutions is increasing under a risk-control framework. As one of the first encrypted asset management companies in the United States to file through the SEC, Bitwise's entrance was also widely viewed by the market as a sign of trust. For institutional investors, BSOL is not only an investmentable product, but also an institutional-level corridor innovation — — it enables capital to be directly involved in the chain distribution of proceeds within the compliance structure of the Solana network。
IN TERMS OF THE FINANCIAL STRUCTURE, THE BSOL INVESTOR ' S IMAGE IS CLEARLY STRATIFIED FROM THE TRADITIONAL PLEDGE USERS:
The former are mainly derived from voucher and institutional accounts and focus on robust returns and asset liquidity
The latter is dominated by DeFi original users, who are more inclined to pledge the proceeds through the mobile nature of the token (LST)。
AS A RESULT, A NEW QUESTION ARISES: IS THERE A SUBSTITUTE OR A SYMBIOTIC RELATIONSHIP BETWEEN BSOL AND CHAINED PLEDGE DERIVATIVES
In the short term, some of the high net worth funds may indeed flow from chain products to BSOL— — the latter provides “ no self-custody, low operating threshold ” revenue channels. This migration may result in a phased pressure on the rate of growth of the TVLs of BSOL, mSOL, JitoSOL and other LST tokens。
Source: StakingRewardsbSOL
However, from a medium-term perspective, the existence of BSOL may, on the contrary, magnify the ecological visibility and capital carrying of the whole Solana. The inflow of ETF makes “ pledge proceeds & rdquao; the concept is more widely understood and accepted by mainstream investors and is expected to guide some institutions to further explore primary products in the chain. In other words, institutional entry is not necessarily a diversion of funds, but is more likely to be ecological。
From the point of view of structural evolution, Solana ' s pledge system is forming & ldquo; double layer complementarities & rdquo; pattern:
& Middot; TradeFi Layer (Institutional Staking Pool): represented by BSOL, takes over funding for institutions and compliance, emphasizing security and hosting compliance。
& Middot; DeFi Layer (On-chain Staking Layer): In the name of bSOL, mSOL, JitoSOL, etc。
The relationship between the two is not a barrier, but a two-way cycle mechanism: ETF introduces lower-chain capital into the chain, while DeFi ecology gives these funds back liquidity and efficiency。
In this circular system, Solana's pledge network is evolving from a single revenue instrument to a value chain — &mdash, which connects TradFi to DeFi; it provides a secure, transparent entry point for traditional institutions, as well as a more stable long-term source of capital for chain ecology。
REPLICABILITY AND MODAL EVOLUTION: PROSPECTS FOR THE EXPANSION OF THE ETF
Bitwise BSOL is successfully online, marking a new phase in which encrypted financial products are moving from a simple “ price opening & rdquo; Price Exchange; to “ yield & rdquo; and Yield Export。
This means that ETF is focusing its attention from “ how to track prices ” to “ and how to capture chain gains ” BSOL is not an isolated case of innovation, but a starting point for the structured and institutionalized evolution of encrypted assets。
replicability: &ldquao; financialization of proceeds &rdquao; public chain of potential
To recaptulate a BSOL-like & ldquo; a chain-based gain-type ETF & rdquo; a public chain must have three levels of technology, ecology and compliance:
& Middot; Technical level: using a PoS or DPOS-like consensus mechanism to ensure stable, transparent and verifiable web pledge returns
& Middot; Eco-level: with a well-established certification system and a mature pledge infrastructure (e.g. LST, restating framework) to support institutional hosting and liquidity management
· regulatory level: pledge proceeds need to be defined as “ network incentives & rdquo; not “ split proceeds & rdquo; to avoid triggering security attributes。
once these prerequisites have matured, more public chains may enter &ldquo in the future; financialization of earnings ” and track。
For example, projects such as Sui, TAO, AVAX have a potential structured expansion base with a better POS economic model. If the United States regulatory environment becomes clearer, ETH ETF based on pledge proceeds is expected to be the most representative replication after BSOL
2. MODEL EXTENSIONS: FROM SINGLE ASSETS ETF TO MULTIPLE ASSETS ETP
BSOL MAY ALSO BE THE STARTING POINT FOR MORE COMPLEX PRODUCT PATTERNS。
The future or future multi-asset pledge proceeds basket (Staking Basket TP) brings assets such as SOL, ETH, AVAX, ATOM into the same group and allocates weights dynamically according to their respective network rates of return。
In the broader direction of innovation, there may also be a hybrid ETP for AI + POS returns, which enables investors to obtain a combined return on the same asset package with the yield on the chain。
This trend is gradually enabling the pledge proceeds of the PS network to become &ldquao; fixed proceeds &rdquao; attributes that allow encrypted assets to move from a speculative logic that relies on price fluctuations to a system of valuation centred on the discounting of proceeds。
In a sense, chain gains are becoming a new generation of price anchors for encrypted assets。
Opportunities and structural constraints to the financialization of gains
OVERALL, THE BSOL PLEDGE-PROCEED MODEL OPENS A NEW FINANCIAL PATH FOR ENCRYPTED ASSETS, BUT THE STOCK PRICES OF THE LAST WEEK HAVE NOT PROVIDED POSITIVE FEEDBACK, AND THERE ARE MULTIPLE STRUCTURAL RISKS TO FUTURE EXPANSION:
(a) & Middot; Risk of earnings volatility: The pledge rate of return is significantly influenced by network activity, inflation and the Internet-wide pledge ratio, and ETF gains will decline simultaneously once ecological growth slows
· node and penalty mechanism risk (Slashing Risk): if the certificationer operates abnormally, the pledged assets may be forfeited and the net value of the fund directly eroded
· Foreclosure and liquidity risk: The pledge asset has a locking-out cycle (Solana approximately 2 days epoch) and the ETF net value is subject to phasing discounts if the market is volatile。
These factors mean that while BSOL represents the beginning of encrypted assets & ldquo; financialization of proceeds & rdquo; its long-term sustainability still depends on the dynamic balance between network health, operational soundness and liquidity management capabilities。
Nevertheless, the emergence of BSOL remains landmark. For the first time, it proved that chain gains could be identified, priced and structured by traditional financial frameworks. This not only creates a new value anchor for the POS network, but also reflects the gradual transformation of encrypted assets from &lsquao; price games &rsquao; to &lsquao; revenue pricing &rsquao; and。
As institutional capital continues to move in line with the evolution of product patterns, chain gains are becoming the core of the value of digital assets。
However, it will take time for the market to test whether this model can truly operate in a stable and long-term manner in the broader regulatory environment and liquidity cycle。