🔹 The first spot ETF focused on Solana – REX-Osprey Solana + Staking – made a strong market entry, generating $33 million in trading volume on its first day.

🔹 Despite the solid investor interest, its launch volume lagged behind the debut performance of Bitcoin and Ethereum spot ETFs.

🔹 The fund also ended its first trading day with $1 million in assets under management (AUM), with expectations of growth.

Solid Start, Though Not Record-Breaking

According to Bloomberg data, the REX-Osprey Solana + Staking ETF had an impressive debut. Within the first 20 minutes of trading, it surpassed $8 million in volume. It closed the day at $33 million – outperforming Solana and XRP futures ETFs, but still far behind the explosive debut of Bitcoin spot ETFs.

ETF analyst Eric Balchunas noted that the fund could manage up to $10 million in assets by the second trading day if interest continues.

Fund Structure and Regulation

The REX-Osprey Solana + Staking ETF is registered under the U.S. Investment Company Act of 1940, emphasizing investor protection and transparency. The digital assets are held by Anchorage Digital – the first federally regulated crypto bank in the U.S.

Anchorage CEO Nathan McCauley hailed the ETF as a breakthrough for institutional investors, offering a secure, regulated path to access crypto exposure. He also highlighted the inclusion of staking as a major step forward for crypto-based ETFs.

Grayscale and Other Products Await SEC Approval

While the REX-Osprey fund was approved under strict guidelines and holds its assets with a licensed custodian, many other spot crypto ETFs – especially those from Grayscale – are still awaiting official approval from the SEC.

Grayscale recently received authorization to convert its Digital Large-Cap Fund (GDLC) into an ETF, which includes Bitcoin, Ethereum, Solana, XRP, and Cardano (ADA). However, the SEC has since announced it will re-review the decision, further delaying the process.

Grayscale previously engaged in a legal battle with the SEC over the conversion of its Bitcoin Trust to an ETF. After a year-long court case, a judge ruled that the SEC’s denial was "arbitrary and capricious" and ordered a reevaluation.

Solana Staking ETF Sets New Direction

The launch of a staking-based ETF is viewed as a significant evolution in crypto investing. It combines passive income from staking with the convenience of a tradable ETF, allowing investors to earn blockchain rewards without holding tokens directly.

The debut of a Solana ETF marks a milestone not just for the token, but for the broader digital asset ecosystem.



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