US exchange-traded funds linked to Solana (SOL) and XRP (XRP) are attracting investors despite falling crypto prices, although the two products attract very different types of buyers.
Solana ETFs are seeing stronger participation from institutional crypto investors, while XRP funds appear to be relying more on retail demand, according to a new report from Bloomberg Intelligence analysts James Seyffart and Sharoon Francis.
“Early demand for Solana ETFs is being driven largely by industry seed capital rather than broader institutional adoption,” the analysts wrote of Solana ETFs.
About 49% of the assets in US spot Solana ETFs were identifiable through 13F filings per Dec. 31, a regulatory disclosure required for large institutional investment managers. Investment advisers accounted for the largest share of reported holdings, with about $270 million in exposure. Hedge funds followed with about $186 million.
“The early holder base 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 holders 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 marketplaces. The network aims to process transactions quickly and cheaply, making it a popular platform for crypto trading and decentralized finance.
Some of the initial capital likely reflects investors moving existing Solana exposure into the ETF structure rather than brand new purchases. Still, data suggests it doesn’t explain the full picture. Because about half of ETF assets are disclosed through 13F filings, even assuming these positions represented swapped exposure would leave out a significant portion of the inflow from new buyers.
Solana ETFs have attracted $173 million in net inflows so far in 2026, even as the token has fallen sharply. The report notes that cumulative inflows into the funds have reached about $1.45 billion since launch. That’s about 2.5% of the amount that spots bitcoin ETFs have rallied, but that’s still a relatively strong number for such young products.
The products debuted in a difficult market environment. Solana has fallen more than 50% since October, when new spot ETFs were launched under the Securities Act of 1933.
Some common ETF trading strategies also appear limited. Futures’ basis returns – often used by hedge funds to drive arbitrage trades – have been compressed, leaving fewer incentives for these positions. “With underlying returns now compressed, hedge funds and market makers have little incentive to enter new positions in spot Solana ETFs,” the analysts wrote.
XRP ETFs present a different ownership pattern.
Only about 16% of the XRP ETF’s assets were identifiable through 13F filings at the end of December, suggesting a smaller institutional footprint. Advisors again led among disclosed holders with about $165 million in exposure, while hedge funds accounted for about $37 million.
The remaining shares are likely held by investors who do not file 13Fs, including retail buyers.
“We believe a large portion is owned by retail investors who are not required to file 13Fs,” according to the report.
XRP is the native token used on the XRP Ledger, a blockchain focused on payments and cross-border money transfers. The network is designed to help financial institutions move money between countries quickly and at a lower cost than traditional banking lanes.
Despite this retail tilt, XRP ETFs have amassed significant assets. The funds attracted more than $1.4 billion in the six weeks after launching in November and have largely maintained those gains into 2026, even with XRP down about 26% this year.
The analysts said the stability of assets despite weaker futures activity suggests that demand may reflect direct market views rather than derivatives-driven arbitrage.
“ETF assets have largely held their gains, suggesting that demand may become more directional rather than mechanical,” they wrote.
Taken together, the results show how newer crypto ETFs are still developing their investor base.
While bitcoin funds have drawn wide institutional adoption, Solana and XRP products appear to be charting different paths as the market matures, with Solana attracting more crypto-native institutional capital and XRP drawing a larger share of retail investors.
