Institutional investors purchased $540 million in the Solana ETF.

Electric Capital and Goldman Sachs make large-scale investments

It was revealed that U.S. institutional investors injected a large amount of capital into the spot Solana (SOL) exchange-traded fund (ETF) on the 10th. The top 30 institutional holders of the U.S. spot Solana ETF purchased approximately $540 million (791.262 billion KRW) worth of the ETF during the fourth quarter of last year.

According to data released by Bloomberg ETF analyst James Seyffart, Silicon Valley venture capital firm Electric Capital and investment bank Goldman Sachs recorded the largest investment volumes among major institutions.

Electric Capital held approximately $137.8 million worth of the Solana ETF. Goldman Sachs recorded an exposure of approximately $177 million to the ETF. Elequin Capital, Susquehanna International Group Holding, and Multicoin Capital were also included among the top institutional investors.

Morgan Stanley and Citadel Advisors have also been identified as institutional investors who purchased the spot Solana ETF. U.S. asset management firm Bitwise launched the first spot Solana ETF following approval from the U.S. Securities and Exchange Commission last October.

This data was compiled based on 13F reports filed with the U.S. Securities and Exchange Commission. 13F reports are documents that require institutional investors managing more than $100 million in assets to disclose their assets.

Investment advisory firms accounted for the largest share, amounting to approximately $270 million. Hedge fund managers held ETFs worth about $166.4 million. Holding companies and securities firms held approximately $59.5 million and $20.3 million, respectively. Banks held about $4.5 million.

The Solana ETF held by institutional investors is backed by approximately 4.3 million SOL tokens. However, the market price based on the value of the token has fallen by more than 30% since the end of the fourth quarter of last year. The price of SOL has dropped from around $124 to around $86.

Bloomberg ETF analyst Eric Balchunas assessed that ETF fund flows remain relatively stable despite the decline in Solana's price. He analyzed that an institutional investment base is being formed, noting that approximately 50% of the ETF's assets are held by 13F filing institutions.

According to data platform Farside Investors, the U.S. spot Solana ETF has recorded cumulative fund inflows of approximately $952 million since its launch.

Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr