Key Highlights:

🔹 The REX-Osprey Solana + Staking ETF, the first spot ETF focused on Solana, launched with a robust $33 million in trading volume on its first day.

🔹 While investor interest was strong, the debut fell short compared to the launch volumes of Bitcoin and Ethereum spot ETFs.

🔹 The fund concluded its opening day with $1 million in assets under management (AUM) and is expected to grow further in the coming sessions.

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A Strong Yet Measured Debut

According to Bloomberg, the ETF recorded over $8 million in volume within the first 20 minutes of trading. By the market close, it had reached $33 million, outperforming launch-day volumes of Solana and XRP futures ETFs, but trailing behind the record-setting debuts of Bitcoin spot ETFs.

ETF analyst Eric Balchunas commented that the fund may exceed $10 million in AUM by its second day, contingent on sustained investor interest.

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Fund Structure & Regulatory Oversight

The REX-Osprey Solana + Staking ETF is structured under the U.S. Investment Company Act of 1940, ensuring a high level of investor protection and transparency. Digital assets for the fund are held by Anchorage Digital, the first federally chartered crypto bank in the U.S.

Anchorage CEO Nathan McCauley described the ETF as a “breakthrough” for institutional crypto access. He also emphasized the integration of staking as a significant innovation, offering investors the ability to earn rewards without holding tokens directly.

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Regulatory Landscape and Future Prospects

While the REX-Osprey ETF received approval under stringent conditions, other spot crypto ETF proposals—such as those from Grayscale—remain under SEC review.

Grayscale recently obtained approval to convert its Digital Large-Cap Fund (GDLC) into an ETF, encompassing Bitcoin, Ethereum, Solana, XRP, and Cardano (ADA). However, the SEC has since paused that decision for further examination.

Notably, Grayscale previously won a legal battle against the SEC over the rejection of its Bitcoin Trust ETF conversion. A federal court ruled the SEC’s denial was "arbitrary and capricious," mandating a reassessment.

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A Milestone for Crypto ETFs

The launch of a staking-enabled Solana ETF represents a pivotal advancement in crypto-based investment products. It combines the passive income potential of staking with the liquidity and accessibility of a traditional ETF—an attractive proposition for both institutional and retail investors.

This debut not only signals growing interest in Solana but also underscores the evolving maturity of the broader digital asset market.

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