The first Solana staking exchange-traded fund (ETF) in the United States had a strong first day. It brought in $12 million from investors, which is a good sign for crypto ETFs that offer staking rewards.
The REX-Osprey Solana Staking ETF started trading on Wednesday on the Cboe BZX Exchange. On its first day, it had $33 million in trading volume and $12 million in inflows, according to Bloomberg ETF expert Eric Balchunas.
This ETF, with the trading symbol SSK, lets people invest directly in Solana (SOL) and earn rewards from staking. It is the first crypto staking ETF to be approved in the U.S.
“The launch of crypto staking ETFs is a defining moment for digital assets and a significant step forward in full access to the crypto ecosystem,” said Anchorage Digital co-founder Nathan McCauley, whose firm is the staking and custodian partner for the REX-Osprey ETF.
Spot Bitcoin ETFs in the U.S. had $4.6 billion worth of shares bought and sold on their first day in January 2024.
The REX-Osprey fund had some trouble with U.S. regulators. The Securities and Exchange Commission (SEC) first approved its registration, but in late May, they raised concerns. The problem was whether the fund should be treated as an “investment company” under the law. To solve this, the fund made sure that at least 40% of its money was put into other exchange-traded products (ETPs), most of them based outside the U.S.
How Did the First Solana Staking ETF Affect the Coin’s Price?
There wasn’t a big change in Solana’s price after the new staking ETF launched. Solana’s price went up 3.6% in the past 24 hours, which is less than most other large altcoins.
Solana was trading at around $153. It has gained about 5% in the past week, but the price is still 48% lower than its highest level in January.
On the other hand, there was a lot of interest from big investors. Solana CME futures saw record demand, with open interest (contracts held by investors) reaching $167 million after the ETF launch, according to SolanaFloor.
