When the U.S. Securities and Exchange Commission (SEC) approved spot Solana ETFs last year, the headline was ‘regulatory history’. The follow-on story — the one buried in 13F filings — is arguably more significant: institutions kept buying while the token collapsed.
Since the products launched in July 2025, SOL has shed roughly 57% of its value. Yet as of the end of 2025, known institutional holders had accumulated $540.4 million in exposure across the spot Solana ETF products, according to 13F data analysed by Bloomberg Intelligence ETF analyst James Seyffart.
That 50% known-holder rate is striking. When the first spot Bitcoin ETFs launched in January 2024, it took roughly two to three quarters before institutional ownership reached a comparable level of transparency. For a product still in its infancy, the speed of institutional uptake in Solana ETFs suggests deliberate, thesis-driven allocation — not index rebalancing or momentum chasing.
The 13F filings paint a clear picture of the buyer base. Electric Capital Partners LLC leads all filers with $137.8 million in dollar exposure and roughly 1.1 million SOL. Goldman Sachs Group comes in second at $107.4 million, followed by Elequin Capital LP at $87.9 million.
The list includes Crypto-native asset managers — Multicoin Capital Management ($30.9M), Mangrove Partners ($9.2M), and VanEck Associates Corp ($6.9M). Moreover, traditional financial names like Morgan Stanley ($15.1M) and SIG Holding LLC ($59.5M) also appear in the list.
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