Goldman Sachs, Morgan Stanley Dominate Solana ETF Holdings as Net Assets Near $1 Billion ⋆ ZyCrypto

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Solana exchange-traded funds (ETFs) have seen record demand from institutions, according to Bloomberg analysts. Wall Street giants like Goldman Sachs and Morgan Stanley are among the institutions with the highest exposure to Solana, per 13F filings. The demand has led to a surge in Solana ETF inflows, with net assets nearing $1 billion. 

Wall Street Flocks to Solana ETFs

According to an X post by James Seyffart, Solana ETFs are attracting significant attention from Wall Street. The analyst created a list of the top buyers of these ETFs, revealing that investment banks such as Goldman Sachs are not being left behind.

Per the post, Goldman holds 864,387 SOL tokens, with the second-highest Solana ETF exposure. Morgan Stanley also holds 123,167 SOL, while the VanEck Associates Corporation holds 55,758 tokens. Some of the top holders also include market makers such as Jane Street. 

Following this disclosure, it is evident that 50% of holders of Solana ETFs are institutions, and, according to a Bloomberg analyst, this signals a healthy trend for the products, even though they have yet to attract the same inflows as Bitcoin ETFs. 

“13Fs account for 50% of the AUM. So even if we assume 100% of 13F filers were swapped exposure “buyers” (they weren’t). There was still plenty of buying. Not quite BTC ETF level buying but very, very healthy for a new-ish ETF category,” Seyffart opined. 

Earlier, Eric Balchunas stated that even if Solana ETFs have not reached the same level of inflows as Bitcoin ETFs, their growth has been commendable. He noted that, based on Solana’s market cap relative to Bitcoin’s, SOL ETFs are double what BTC ETFs were in their early months. 

SOL ETFs Near $1B in Net Assets Despite Price Drop

Data from SoSoValue show that spot SOL ETFs have amassed total net assets of $814 million, equivalent to 1.66% of Solana’s total market cap. The cumulative net flow for these products now stands at $955 million.

Bitwise ranks as the largest holder of these ETFs with $767 million in cumulative netflows and $569 million in net assets, while Fidelity’s Solana Fund ranks second with $101 million in net assets and $152 million in net inflows.

Despite impressive ETF data, Solana’s price has been under bearish pressure amid a broader market downturn. At press time, SOL traded at $85, up 0.5% intraday.