Solana staking ETF launched with strong demand and saw $33 million in trading volume on its first day.
The ETF is regulated under the 1940 Act which requires stricter oversight and a qualified custodian.
Anchorage Digital is managing custody and staking as the only federally approved crypto bank in the US.
The first Solana staking exchange-traded fund in the United States was launched on July 2. The fund, named REX-Osprey Solana + Staking ETF, began trading on the Cboe exchange. On its first day, it recorded $33 million in trading volume. It also attracted $12 million in investor inflows. Analysts reported strong activity within the opening minutes of trading.
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The ETF traded under the ticker symbol SSK. Early data suggests assets under management could reach $10 million by the second day. This ETF is the first of its kind focused solely on Solana with a staking component. The debut followed several months of regulatory discussions.
Registered Under Stricter Oversight Rules
The REX-Osprey Solana + Staking ETF is structured under the Investment Company Act of 1940. This legal framework enforces stricter rules compared to earlier crypto ETFs. It also requires assets to be held by a qualified custodian. The fund appointed Anchorage Digital to manage custody and staking operations.
Anchorage Digital is a federally regulated crypto bank. It holds authorization to provide both custody and staking services. The choice of custodian aligns with the ETF’s commitment to regulatory compliance. This structure sets it apart from ETFs formed under other, less demanding frameworks.
Regulatory Clearance Came After SEC Discussions
The fund’s launch followed extensive talks with the U.S. Securities and Exchange Commission. The SEC had expressed concerns about staking and fund classification. These questions delayed the launch for several months. However, the regulator authorized the ETF to be continued beyond June 28.
Though the ETF was approved, other crypto-related products are still under consideration by the SEC. A recent letter to the New York Stock Exchange confirmed that Grayscale’s ETF remains under review. This indicates the SEC remains cautious despite recent progress. Broader regulatory guidelines for crypto ETFs may still be in development.
Market Response and Price Movement
Solana’s market price reacted positively to the ETF launch. It rose 3.99% on the day of the debut. Weekly gains reached 7%, showing increased investor interest. Although this is an increase, Solana is still 47% lower than its January high. The launch has created new interest around the token.
The ETF’s strong first-day performance also stands out among other crypto products. Although it trails the launch volume of spot Bitcoin ETFs, it exceeded early volumes of other altcoin-related funds. The fund may serve as a reference point for future staking-based ETFs under similar regulatory structures.
