Institutions Chalked Up $540M Worth of SOL ETFs in Q4

Silicon Valley-based venture capital firm Electric Capital and investment bank Goldman Sachs were the two largest buyers of spot Solana exchange-traded funds, which launched for trading in the US in October last year.

Data shared by Bloomberg ETF analyst James Seyffart on Monday shows that the top 30 institutional holders of US spot Solana (SOL) exchange-traded funds bought more than $540 million worth of ETFs during the quarter.

Electric Capital and Goldman Sachs held the top two positions with $137.8 million and $107.4 million worth of Solana ETF exposure, while Elequin Capital, SIG Holding and Multicoin Capital rounded out the top five.

Morgan Stanley and Citadel Advisors were among the other notable institutions that bought spot Solana ETFs after Bitwise launched the first Securities and Exchange Commission-approved spot Solana ETF on Oct. 28.

Seyffart’s data comes from 13F filings submitted to the SEC in mid-February, which require institutions managing more than $100 million in assets to disclose their holdings.

Investment advisers accounted for the largest share of spot Solana ETF at over $270 million, while hedge fund managers came in next at $186.4 million.

Holding companies and brokerage firms held $59.5 million and $20.3 million, while banks held $4.5 million.

The $540 million in Solana ETF holdings was backed by approximately 4.3 million SOL tokens.

However, those 4.3 million SOL tokens have fallen over 30% in market value since the end of Q4, from $124.95 to $86.53 at the time of writing.