The first spot ETF tied to Solana staking made a strong debut this week, finishing its opening day with $33 million in trading volume, according to Bloomberg’s Eric Balchunas.
Launched under the name REX-Osprey Solana + Staking ETF ($SSK), the fund also closed Wednesday with around $1 million in assets under management (AUM). Balchunas noted that, given the trading activity, the ETF could reach up to $10 million in AUM on its second day.
“$SSK ended day with $33m in volume,” Balchunas tweeted. “Again, blows away the Solana futures ETF and XRP futures ETFs (or the avg ETF launch), but it is much lower than the Bitcoin and Ether spot ETFs.”
This ETF is different from others; still waiting for regulatory approval. While many crypto funds are stuck in limbo with the U.S. Securities and Exchange Commission (SEC), the REX-Osprey ETF was launched under the stricter Investment Company Act of 1940, a framework with tougher rules to protect investors.
Because of that, the fund must keep its assets with a certified, trusted custodian. For that role, the ETF’s backers chose Anchorage Digital, the only federally regulated crypto bank authorized to both custody and stake digital assets.
“Staking is the next chapter in the crypto ETF story,” said Anchorage CEO Nathan McCauley, calling the fund a key milestone in giving institutions access to crypto in a secure, regulated way.
The ETF’s launch also came on the same day the SEC appeared to take a more cautious stance elsewhere. In a letter to the New York Stock Exchange, the agency’s deputy secretary said it would place a previously approved Grayscale ETF conversion under review, suggesting the commission isn’t ready to ease its standards for all crypto-based ETFs.
Even with some regulatory uncertainty, the launch of the REX-Osprey fund shows that demand for crypto investment products tied to staking is picking up, especially when they follow traditional rules. With solid first-day trading and a setup designed for big investors, this Solana ETF could open the door for more funds like it shortly.
Also Read: Solana Price Targets $180 as SOL Staking ETF Launches in US
