Despite falling cryptocurrency prices, U.S. exchange-traded funds tied to Solana (SOL) and XRP (XRP) are still attracting investors, although the two products attract very different types of buyers.
A new report from Bloomberg Intelligence analysts James Seyffart and Sharon Francis shows that the Solana ETF has seen greater participation from institutional crypto investors, while the XRP fund appears to be more dependent on retail demand.
“Early-stage demand for the Solana ETF is primarily driven by local capital in the industry rather than broader institutional adoption,” analysts wrote of the Solana ETF.
As of Dec. 31, about 49% of assets in the U.S. Spot Solana ETF were identifiable through 13F filings, the regulatory disclosure required by large institutional investment managers. Investment advisers accounted for the largest share of reported holdings, holding about $270 million. Hedge funds follow with approximately $186 million.
“The early holder group remains top-heavy and skewed toward crypto-focused investment firms and market makers, suggesting broader institutional participation is still building,” the analysts wrote. The largest known shareholders include Electric Capital, Goldman Sachs, and Elequin Capital.
Solana is a blockchain network designed to support decentralized applications such as trading platforms, lending services, and NFT markets. The network is designed to process transactions quickly and cheaply, making it a popular platform for cryptocurrency trading and decentralized finance.
Part of the initial capital likely reflects investors moving existing Solana exposure into the ETF structure rather than purchasing it entirely new. Still, the data suggests that doesn’t explain the whole story. Since roughly half of ETF assets are disclosed via 13F filings, even assuming these positions represent swap exposures, that leaves a significant portion of inflows coming from new buyers.
The Solana ETF has attracted $173 million in net inflows so far in 2026, even though the token has fallen significantly. The report noted that since its launch, cumulative inflows into the fund have reached approximately $1.45 billion. This is approximately 2.5% of the spot Bitcoin volume The ETF has accumulated, but is still a relatively strong number for such a young product.
These products were launched in difficult market conditions. Solana has fallen more than 50% since launching a new spot ETF under the Securities Act of 1933 in October.
Some common ETF trading strategies also appear limited. Futures basis yields, often used by hedge funds for carry trades, have compressed, resulting in fewer incentives for these positions. “With basis yields now compressed, there is little incentive for hedge funds and market makers to take new positions in the spot Solana ETF,” the analysts wrote.
The XRP ETF exhibits different ownership patterns.
As of the end of December, only about 16% of XRP ETF assets were identifiable through 13F filings, indicating a smaller institutional footprint. Advisors once again led among disclosed holders, with an exposure of about $165 million, compared with hedge funds’ exposure of about $37 million.
The remaining shares may be held by investors who did not file a 13F, including retail buyers.
“We believe a significant portion is held by retail investors who are not required to file 13F,” the report said.
XRP is the native token used on XRP Ledger, a blockchain focused on payments and cross-border remittances. The network is designed to help financial institutions move money quickly between countries at a lower cost than traditional bank rail.
Despite the retail tilt, the XRP ETF has amassed a significant amount of assets. The funds attracted more than $1.4 billion in six weeks after launching in November and have largely maintained those gains into 2026, even though XRP is down about 26% this year.
Analysts said that despite weak futures activity, the asset’s stability suggested demand may reflect direct market views rather than derivatives-driven arbitrage.
“ETF assets have largely maintained gains, suggesting demand may be becoming increasingly directional rather than mechanical,” they wrote.
Overall, the findings suggest that newer cryptocurrency ETFs are still developing their investor base.
While Bitcoin funds have attracted widespread institutional adoption, Solana and XRP products appear to be carving out different paths as the market matures, with Solana attracting more crypto-native institutional capital and XRP attracting a greater share of retail investors.
