Institutional Investors Pour $540M Into Solana ETFs During Fourth Quarter: Bloomberg Report
Over $270 million in US-based spot Solana ETF purchases came from investment advisors, making them the dominant buyer group, followed by hedge fund managers who invested $186 million.
Electric Capital Partners, a venture capital firm headquartered in Silicon Valley, and the prominent investment banking institution Goldman Sachs emerged as the leading purchasers of spot Solana exchange-traded funds following their US market debut in October of the previous year.
According to information distributed by Bloomberg ETF analyst James Seyffart this past Monday, the leading 30 institutional investors holding US spot Solana (SOL) exchange-traded funds acquired more than $540 million in these investment vehicles throughout the quarterly period.
Electric Capital secured the first position alongside Goldman Sachs in second place, recording $137.8 million and $107.4 million in Solana ETF holdings respectively, with Elequin Capital, SIG Holding and Multicoin Capital completing the top five rankings.
Additional prominent financial institutions including Morgan Stanley and Citadel Advisors were identified among those purchasing spot Solana ETFs following Bitwise's debut of the inaugural Securities and Exchange Commission-approved spot Solana ETF on Oct. 28.
The information presented by Seyffart originates from 13F regulatory filings that were submitted to the SEC during the middle of February, a requirement for institutions overseeing assets exceeding $100 million to reveal their Q4 investment positions and holding quantities.
Investment advisors represented the overwhelmingly dominant category of spot Solana ETF ownership, claiming more than $270 million in holdings, with hedge fund managers securing the second position at $186.4 million.
Holding companies along with brokerage firms maintained positions worth $59.5 million and $20.3 million respectively, whereas banking institutions held $4.5 million.
The total $540 million in Solana ETF ownership was supported by roughly 4.3 million SOL tokens.
Nevertheless, the market valuation of those 4.3 million SOL tokens has declined by more than 30% from the conclusion of Q4, dropping from $124.95 down to $86.53 as of the current writing.
SOL ETF net flows steadying despite price fall
Eric Balchunas, a Bloomberg ETF analyst, remarked on Thursday that aggregate inflows into spot Solana ETFs have remained robust over recent months notwithstanding Solana's price decline.
Balchunas further observed that these 13F-filing institutions control 50% of Solana ETF assets, which arguably suggests a more committed and serious investor foundation.
Information from Farside Investors reveals that US spot Solana ETFs have gathered $952 million in total inflows from their launch date in the US market.