Solana November 2025 Update

Institutional Flows: DATCOs and ETFs

Purchases from Solana DATCOs came to a hard stop, with SOL holdings remaining unchanged in November. As we noted back in August, the ability of these DATCOs to conduct purchases beyond their initial raise figures would depend on their respective stocks trading at a premium to market NAV (mNAV). The chart below shows that the five largest SOL DATCOs are all trading at a discount to outstanding mNAV as of Dec. 3, with the exception of HSDT (1.08x).

In addition, Solana DATCOs continue struggling with limited secondary market activity, with trading volumes declining sharply since mid-September. This dynamic has direct implications for capital-raising capacity. DATCOs have relied heavily on at-the-market (ATM) equity offerings to fund the accumulation of cryptoassets. However, this strategy becomes increasingly constrained when trading volumes are thin, as they have been since mid-October.

ETFs Flows

Despite challenging market conditions, SOL ETFs still attracted $419M in net inflows during November, up from $128M in October (excluding seed amounts). Following the late-October launches from Bitwise and Grayscale, a second wave of products hit the market in mid-November, with Fidelity (FSOL), VanEck (VSOL), and 21Shares (TSOL) joining the lineup.