The first Solana staking exchange-traded fund (ETF) in the United States recorded $12 million in inflows by the end of its first trading day—an encouraging sign for ETFs supporting cryptocurrency staking.
REX-Osprey Solana Staking ETF made its debut on the Cboe BZX exchange on Wednesday, with Bloomberg ETF analyst Eric Balchunas reporting $33 million in trading volume and $12 million in inflows.
The fund trades under the ticker SSK, providing investors with direct exposure to spot Solana (SOL) and staking yields, making it the first approved cryptocurrency staking ETF in the U.S.
Bloomberg ETF analyst James Seyffart described this as a "healthy trading start," noting that the fund recorded $8 million in trading volume within the first 20 minutes.
Balchunas also commented on the impressive first-day trading volume, stating it "far exceeded" that of the Solana futures ETF and XRP futures ETF, but was still below the performance of spot Bitcoin (BTC) and Ethereum (ETH) funds at launch.
The U.S.-listed spot Bitcoin ETF recorded a total of $4.6 billion in stock trading volume on its first day in January 2024.
"The launch of cryptocurrency staking ETFs is a defining moment for digital assets and an important step towards full access to the cryptocurrency ecosystem," said Nathan McCauley, co-founder of Anchorage Digital, which is the staking and custody partner for the REX-Osprey ETF.
The REX-Osprey fund faces regulatory hurdles from the U.S. Securities and Exchange Commission (SEC), which raised objections after clearing the initial registration at the end of May.
The controversy revolves around whether the product qualifies as an "investment company" under securities law, but the company has circumvented this issue by investing at least 40% of its assets in other ETPs (primarily established outside the U.S.).
Unlike the spot Solana ETF, which still requires SEC approval, the REX-Osprey Solana ETF is structured under the Investment Company Act of 1940, bypassing the standard 19b-4 filing process.
In May, Nate Geraci, president of NovaDius Wealth Management, described it as a "regulatory workaround." However, there is some debate over whether the fund should be considered a traditional spot Solana ETF.
Meanwhile, the recent performance of the ETF may reveal institutional demand for a spot Solana ETF, which could launch this year.
Seyffart and Balchunas recently predicted a 95% chance of approval for a spot Solana ETF by the end of the year.
"We expect a new wave of ETFs in the second half of 2025," Seyffart stated earlier this week, predicting that spot XRP, Solana, and Litecoin (LTC) products will receive SEC approval by the end of the year.
On Tuesday, regulators approved Grayscale's application to convert its Digital Large Cap Fund into an ETF. The fund includes a portfolio of the top five digital assets by market capitalization.
Solana's price did not show a significant reaction, rising 3.6% in the past 24 hours, lower than most other large-cap altcoins.
As of writing, the asset is trading at around $153, up about 5% over the past week, but still down 48% from its January peak.
However, according to SolanaFloor, there has been "record demand" for Solana CME futures, indicating rising institutional interest, with open contracts reaching $167 million after the ETF launch.
Related: SOL News Update: REX Shares Solana ETF Boosts Price, Can the Momentum Continue?
Original article: “The First Solana Staking ETF Records $12 Million in Inflows on Debut Trading Day”
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