The digital asset management firm 21Shares has launched its Solana (SOL) exchange-traded fund (ETF) on November 19, 2025, under the ticker symbol TSOL on the Chicago Board Options Exchange (CBOE). The ETF has a management fee of 0.21%, positioning it as a competitive option for investors seeking regulated exposure to Solana.
The launch comes at a time when Solana and the broader cryptocurrency market are experiencing volatility. Solana's price has dropped nearly 20% in the last week, mirroring a downturn experienced by Bitcoin and Ethereum. Despite the price correction, Solana ETFs have seen sustained positive net inflows for sixteen consecutive trading days, reflecting strong institutional demand. On November 18 alone, Solana investment products attracted $30.02 million in fresh capital, with Bitwise's BSOL fund accounting for $23 million of that total. This contrasts with Bitcoin and Ethereum spot ETFs, which have experienced outflows during the same period.
The paradox of launching amid a price crash, while simultaneously observing consistent inflows, can be explained by several factors. Firstly, the "record volume" headlines often refer to the number of ETF shares that changed hands, not the amount of new capital entering the underlying coins. Secondly, the inflows into altcoin ETFs may represent capital rotating from other crypto assets rather than new fiat money entering the market. Thirdly, profit-taking, stretched valuations, and weakening risk appetite can drive price drops despite strong ETF inflows.
Several other firms have also launched Solana ETFs, contributing to an expanding market. Fidelity launched the Fidelity Solana Fund (FSOL) on NYSE Arca, charging a 0.25% management fee and a 15% staking reward fee. Canary Capital introduced the Canary Marinade Solana ETF (SOLC) on Nasdaq in partnership with Marinade Finance. VanEck launched the VSOL fund on November 17 with $7.32 million in initial assets and a no-fee structure until assets reach $1 billion.
The 21Shares Solana ETF (TSOL) incorporates staking to enhance potential returns and tracks the performance of SOL. While the ETF provides transparent exposure to Solana, it's not a direct investment in Solana. As of November 14, 2025, 21Shares manages the world's largest spot Solana ETP, with over $1 billion in assets under management, having first introduced a Solana product for European investors in 2021.
The launch of TSOL follows two other landmark crypto ETP launches in the U.S. market, including the launch of the 21Shares Ethereum ETF (TETH) in July 2024 and the ARK 21Shares Bitcoin ETF (ARKB) in January 2024, which currently has over $8 billion in assets under management (AUM).
Despite the current market conditions, the sustained inflows into Solana ETFs suggest that institutions are treating Solana as a long-term allocation target. However, it's important to note that TSOL is not registered under the Investment Company Act of 1940 and is subject to significant risk and heightened volatility.
