Institutional investors directed about $540 million into U.S. spot Solana exchange-traded funds during the fourth quarter, according to an analysis of 13F filings shared with Bloomberg. The inflows pointed to broad institutional interest in Solana-linked products even as the underlying token went through a steep period of price weakness.
The allocations were concentrated among a relatively small group of large firms and investment-advice vehicles. That concentration suggested some market participants were moving beyond short-term arbitrage and toward more direct exposure to Solana.
Who were the buyers of those Solana ETFs? The top of the list is a who's who of market makers and crypto investment firms. https://t.co/NHu9ul4nt1 pic.twitter.com/aFI0CLubB1
— James Seyffart (@JSeyff) March 9, 2026
Who drove the inflows
Bloomberg ETF analyst James Seyffart identified the largest institutional participants through 13F disclosures. Electric Capital emerged as the biggest reported buyer at roughly $137 million, followed by Goldman Sachs at about $107 million, with Elequin Capital, SIG Holding, Multicoin Capital, Morgan Stanley, and Citadel Advisors also named among the participants.
The category breakdown added another layer to the picture. Investment advisors accounted for about $270 million, hedge funds for roughly $186 million, holding companies for around $59.5 million, brokerages for about $20.3 million, and banks for approximately $4.5 million, indicating that demand was spread across several institutional buyer types rather than dominated by a single segment.
Bitwise’s launch of the first U.S. spot Solana ETF in October 2024 came before this wave of institutional buying. Even so, the inflows did not prevent a pronounced decline in Solana’s spot price, which the report said fell from about $124.95 to $86.53, a drop of more than 30%. Some analyses referenced in the filings went further, placing the token’s decline at as much as 57% since the ETFs debuted.
What the filings may be signaling
Bloomberg ETF analyst Eric Balchunas said cumulative flows into spot Solana ETFs remained notably resilient despite the correction in the token. The same filing-based data also showed that roughly half of ETF assets were held by firms that submit 13F reports, a sign of a visible and potentially committed institutional base.
Bloomberg’s reporting also pointed to a decline in the profitability of the typical basis trade often seen around ETF launches. That shift suggested institutions were not participating only for arbitrage opportunities, but were in some cases taking direct exposure instead, a change that could affect inventory behavior and liquidity conditions across Solana trading venues.
Large and transparent institutional positions may help liquidity hold up in normal conditions, but they also increase the possibility of correlated selling if several firms rebalance at the same time. The next set of 13F disclosures and ETF flow reports will be important in determining whether the fourth-quarter pattern marks a lasting institutional entry point or a temporary allocation phase.
