21Shares launches TSOL, the sixth U.S. Solana ETF

Key Takeaways

How many U.S. Solana ETFs now exist?

Six issuers now compete in the space: BSOL [Bitwise], GSOL [Grayscale], VSOL [VanEck], FSOL [Fidelity], SOLC [Canary], and the newly launched TSOL [21Shares].

Which fund dominates the Solana ETF market?

Bitwise’s BSOL controls over 80% of the market share, with $478.40M in assets, while Grayscale’s GSOL holds second place at $99.97M.

21Shares has launched a new Solana ETF in the United States, expanding the fast-growing lineup of institutional investment vehicles tracking the Solana ecosystem. 

The fund, listed as TSOL on the Cboe BZX Exchange, becomes the sixth U.S.-listed Solana ETF, entering a market that has already accumulated more than $593 million in total assets.

The product charges a 0.21% fee and includes a staking component, allowing the fund to capture additional yield from SOL’s native staking rewards. 

TSOL arrives at a time when institutional demand for Solana exposure has accelerated, despite recent market volatility.

Solana ETF market now includes six issuers

With TSOL’s debut, the U.S. Solana ETF landscape now includes BSOL [Bitwise] with $478.40M in assets, GSOL [Grayscale] at $99.97M, VSOL [VanEck] at $9.16M, FSOL [Fidelity] at $5.38M, SOLC [Canary] at $818K, and the newly launched TSOL from 21Shares.

Before TSOL’s arrival, the five active ETFs together managed $593.73M, representing 0.76% of SOL’s market cap. 

Bitwise dominates the category with a market share of more than 80%, while Grayscale holds a distant second position, with approximately $100M.

TSOL’s launch expands the competitive landscape just as the category begins to show consistent inflow momentum.

ETF inflows remain strong despite market pullbacks

Data from SoSoValue show Solana ETFs recorded $30.09 million in net inflows on 18 November, pushing cumulative net inflows above $420M since launch.

Inflows have shown several sharp spikes throughout recent weeks. The category saw $70M surge on 28 October, followed by another $70M spike on 3 November, and most recently $30M on 18 November. 

These surges occurred even as SOL price briefly softened, suggesting institutional buyers used market dips to add exposure.

The steady rise in total net assets also reflects growing confidence in Solana’s ecosystem strength and its expanding presence in ETF portfolios.

A fast-accelerating race for Solana exposure

With six issuers now active, Solana has become the most competitive altcoin ETF category in the U.S. after Bitcoin and Ethereum. 

The pace of launches suggests asset managers view Solana as the next major on-chain ecosystem with meaningful institutional demand.

TSOL enters a market experiencing rising inflows, expanding staking infrastructure, and increasing institutional interest in high-throughput layer-1 blockchains. 

Its launch positions 21Shares as a direct competitor to Bitwise and Grayscale, while giving investors another low-fee option in a market that still appears early in its growth cycle.

As ETF flows continue to build and Solana’s on-chain activity remains strong, the category could attract significantly more institutional attention heading into 2026.