The Rex-Osprey Solana + Staking ETF made its debut on Wall Street, generating $12 million in investments on its first day. This marks a significant milestone as it is the first exchange-traded fund (ETF) in the U.S. that provides investors exposure to Solana while also allowing them to earn yield on at least half of the fund’s assets through staking.
The ETF registered $33.6 million in trading volume, although its first-day trading volume was 82% less than what market analysts initially expected based on the market caps of Solana and Bitcoin. This suggests that institutional investors are still in the early stages of understanding Solana as an investment option.
As Solana traded around $153—showing a 4.6% increase in the last 24 hours—its price has dropped 48% since it peaked at $293 earlier in the year. Despite the initial challenges, Anchorage Digital co-founder and CEO Nathan McCauley emphasized that the ETF’s debut represents a fresh chapter in the crypto industry in the U.S. The firm acts as a custodian for the ETF’s digital assets and facilitates the staking of Solana.
According to McCauley, the launch of crypto staking ETFs signifies a major win for consumers and a step toward increasing access to the broader crypto ecosystem. Anchorage began offering staking services for Ethereum to institutions in 2022, and its reputation has grown since, particularly as it serves as the custodian for BlackRock’s Bitcoin and Ethereum ETFs.
Unlike previously approved spot crypto ETFs, the Rex-Osprey Solana + Staking ETF operates under the Investment Company Act, necessitating a qualified custodian, which in this case is Anchorage. The fund appears to have started strong, with reports of approximately $8 million in trading volume within the first 20 minutes of its launch, according to Bloomberg ETF Analyst James Seyffart.
In summary, the Rex-Osprey Solana + Staking ETF’s successful launch marks an important development in the evolving landscape of cryptocurrency investments, especially as the SEC is anticipated to approve additional crypto-focused ETFs later this year.
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