Bitwise records 1.27M SOL in net staking inflows in August, becomes fifth-largest Solana validator

Bitwise’s Onchain Solutions validator pulled in 1.27 million SOL during August, vaulting it to the fifth-largest validator on the Solana network. The influx pushed the validator’s total active stake to approximately 9.455 million SOL, up from around 8.3 million SOL in mid-July when it sat at rank six.

Most of that growth traces back to a single product: Bitwise’s BSOL ETF, which stakes nearly all of its Solana holdings through the same validator. The fund crossed $1 billion in assets under management by late August, becoming the first Solana ETF to hit that mark.

BSOL’s dominance in the Solana ETF race

The BSOL ETF launched on October 28, 2025, with a straightforward pitch: buy SOL exposure and earn staking yield on top of it. The fund targets 100% staking of its holdings, with roughly 96% of its 9.33 million SOL actively staked at a net yield of approximately 5.8% after fees.

BSOL has captured somewhere between 77% and 80% of all US spot Solana ETF inflows since launch. On August 27 alone, the fund saw $60.91 million in single-day inflows, its peak for the month. Total inflows across all US spot Solana ETFs have exceeded $1.3 billion since the category debuted.

How Bitwise built the infrastructure

Bitwise acquired Chorus One in February 2026, a move that significantly expanded its staking operations across multiple blockchain networks. Chorus One brought established infrastructure and operational expertise in running validators at scale, giving Bitwise the backbone to handle the kind of delegation growth that followed.

The jump from 8.3 million to 9.455 million SOL in active stake over roughly six weeks represents a 14% increase.

A shrinking validator set raises concentration questions

Active validators on the network have declined approximately 34% year-over-year, a trend driven primarily by rising operational costs that make it uneconomical for smaller operators to continue running nodes.

Solana’s roughly 46% price appreciation during August provided a tailwind that amplified the dollar value of staking inflows.