On the first day of trading for the first Solana staking ETF in the U.S., the trading volume reached 33 million USD.
The first Solana staking ETF in the U.S., 'REX-Osprey Solana + Staking ETF' (stock code: SSK), officially listed and began trading last night.
Bloomberg senior ETF analyst Eric Balchunas revealed that by the close, the trading volume of this SOL staking ETF reached approximately 33 million USD, with assets under management (AUM) reaching 1 million USD, which is quite impressive for a new ETF.
Balchunas specifically pointed out that a previous Solana futures ETF (SOLZ) had only 1 million USD in trading volume on its first day, while SSK's 25 million USD seed assets have already surpassed SOLZ.
This ETF, SSK, is regulated under the stricter Investment Company Act of 1940 than ordinary funds, and has selected Anchorage Digital as its custodian. Anchorage Digital is the only bank that has received regulatory approval in the U.S. and possesses both digital asset custody and staking capabilities.
Further reading:
The first SOL staking ETF in the U.S. is here! Who are the service providers? Has the age of institutional compliance begun?
Bloomberg analysts have given positive evaluations, performing better than the average ETF issuance.
Eric Balchunas gave a positive evaluation of SSK's first day performance, believing it performed better than other typical new ETFs.
He further analyzed that although SSK's first-day trading volume was 33 million, it is still far lower than the first-day performance of Bitcoin and Ethereum spot ETFs. However, compared to the recent issuance of Solana futures ETFs or XRP futures ETFs, the performance is significantly stronger.
He predicts that based on the trading volume performance on the first day, the AUM of SSK on the second trading day may reach 10 million USD.
If his predictions come true, it reflects the market's demand potential for staking ETF products and shows institutional investors' interest in obtaining Solana staking returns through ETFs.
Image source: X Bloomberg ETF analyst Eric Balchunas: The first-day trading volume of the Solana staking ETF reached 33 million USD.
SOL rose by 4%, marking a new chapter for staking ETFs.
The successful issuance of the first Solana staking ETF in the U.S. has caused the price of $SOL to rise by about 4%, now surpassing the 150 USD mark.
This ETF provides investors with a channel to indirectly participate in the Solana blockchain and earn staking rewards, without needing to have relevant technical expertise, as other institutions can execute it on their behalf.
Nathan McCauley, CEO of Anchorage, which is responsible for the custody of SSK, also has an optimistic outlook for the future market.
"Staking is the next chapter in the story of cryptocurrency ETFs; this issuance symbolizes a significant advancement in providing institutions with comprehensive access to the crypto ecosystem under a regulatory framework."
The U.S. Securities and Exchange Commission (SEC) ruled at the end of May that cryptocurrency staking does not violate securities laws, opening up a new path for issuers to launch staking products.
Currently, there are no Ethereum staking ETFs in the U.S., but Canadian crypto asset management company 3iQ has provided related products. The Hong Kong Securities and Futures Commission also released staking rules in April, allowing local issuers to offer ETH staking ETFs on the Hong Kong Stock Exchange.
Further reading:
Hong Kong greenlights: Crypto ETFs can participate in staking, virtual asset regulation enters a new phase.
'On the first day of the Solana staking ETF, trading volume reached 33 million USD! Are institutions ready to enter in large numbers?' This article was first published in 'Crypto City'.
