Analysts attributed the slow start to structural complexity rather than demand deficiencies.
Additionally, the fund operates outside standard SEC-registered spot ETF frameworks, incorporating staking mechanisms and offshore ETF allocations that differentiate it from traditional cryptocurrency products.
At 0.75% annually, SSK’s management fee positions at the higher end of crypto ETF expense ratios compared to major Bitcoin and Ethereum funds charging 0.15% to 0.25%.
However, institutional sentiment shifted in late August, following announcements about corporate Solana treasury strategies.
Institutional flows reflected the momentum shift. Solana exchange-traded products (ETPs) registered $177 million in inflows during the week of Aug. 25-29, representing the largest altcoin flow excluding Ethereum.
This backdrop provided fundamental support for a price advance that lifted SOL by 20% in September. On Sept. 12, SOL grew 5.5% to reach a $241.84 high, its highest price level since Jan. 30.
