Institutions added $540 million to the SOL ETF in the fourth quarter

Silicon Valley-based venture capital firm Electric Capital Partners and investment bank Goldman Sachs were the two biggest buyers of Solana’s spot exchange-traded funds, which began trading in the US last October.

The top 30 institutional holders of U.S. exchange-traded funds Solana ( SOL ) bought more than $540 million worth of ETFs in the quarter, according to data released Monday by Bloomberg ETF analyst James Seiffart.

Electric Capital and Goldman Sachs took the top two spots with $137.8 million and $107.4 million in Solana ETF exposure, while Elequin Capital, SIG Holding and Multicoin Capital rounded out the top five.

Morgan Stanley and Citadel Advisors were among the other notable institutions that bought ETF positions after Bitwise launched its first Securities and Exchange Commission-approved Solana ETF spot on Oct. 28.

Seiffart’s data comes from 13F filings filed with the SEC in mid-February, which require institutions managing more than $100 million in assets to disclose their Q4 assets and position sizes.

Investment advisers account for the largest share of Solana ETF holdings by far at more than $270 million, while hedge fund managers account for $186.4 million.

Holding companies and brokerage firms held $59.5 million and $20.3 million, respectively, while banks held $4.5 million.

The $540 million in Solana ETF holdings were backed by approximately 4.3 million SOL tokens.

However, those 4.3 million SOL tokens have dropped over 30% in market value since the end of Q4, from $124.95 to $86.53 at the time of writing.