Half of all assets in Solana’s U.S. exchange-traded funds are owned by large institutional investors — a sign that serious money, not just retail traders, has driven demand since the product’s launch last fall.
Wall Street names top the list
Bloomberg ETF analyst James Seiffart released data this week taken from 13F filings filed with the Securities and Exchange Commission in mid-February.
The filings, from all institutions with more than $100 million in assets under management, show that the 30 largest holders of U.S. Solana ETFs accumulated positions of more than $540 million in the fourth quarter of 2024.
Electric Capital, a venture capital firm in Silicon Valley, held the largest stake with about 138 million. Goldman Sachs came in second with $1,074 million. Elequin Capital, SIG Holding and Multicoin Capital rounded out the top five. Morgan Stanley and Citadel Advisors were also among the buyers.
Who were the buyers of those Solana ETFs? At the top of the list is a who’s who of crypto market makers and investment firms. https://t.co/NHu9ul4nt1 pic.twitter.com/aFI0CLubB1
— James Seyff (@JSeyff) March 9, 2026
Investment advisors make up the largest portion of that total, accounting for more than $270 million. Hedge fund managers followed with $186.4 million. Holding companies and brokerage firms had about $60 million and $20 million, respectively. Banks trailed the group by $4.5 million.
A rough start on the price
The first US Solana ETF was launched on October 28, when Bitwise received SEC approval and began trading. Other products follow. Since then, cumulative inflows across all U.S.-listed ETFs have reached more than $950 million, according to Farside Investors — a figure that includes retail and small-cap entities that don’t file 13F filings.
But the timing was not right for the price. These Q4 institutional positions were supported by approximately 4.3 million SOL tokens, which were valued at approximately $124.95 at the end of the year. By the time Seiffart shared his analysis, SOL had fallen to $86.50 — a drop of more than 30%.
Source: Farside Investors
Streams are even saved as token drops
Despite the price drop, money continued to move. Bloomberg ETF analyst Eric Balchunas noted last week that net flows into Solana ETFs have remained relatively steady in recent months, even as the token itself has declined.
He also noted that the 50% institutional ownership figure points to a buyer base that is focused on deliberate, long-term positioning rather than short-term trading.
The data only covers the fourth quarter. Updated applications for the first quarter of 2025 won’t be available until mid-May, so it won’t be known for several weeks how institutions have responded to the price cuts.
Featured image from Unsplash, chart from TradingView
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