The U.S. has witnessed the launch of the first Solana-based ETF with staking capabilities, which has drawn significant investor interest on its first trading day.
Initial Trading Results
The ETF named REX-Osprey Solana Staking ETF (SSK) began trading on the CBOE BZX exchange and attracted $12 million on its first day with a total trading volume of $33 million. Bloomberg analyst Eric Balchunas noted that the trading debut was successful, with $8 million in volume recorded within the first 20 minutes.
Regulatory Aspects
The fund is structured under the Investment Company Act of 1940, which allows it to bypass the standard Form 19b-4 filing process typically required for spot ETFs. Nate Geraci, President of NovaDius Wealth Management, described this approach as a 'regulatory workaround.' Anchorage Digital serves as both the staking and custody partner for SSK.
Institutional Interest in Solana
The launch of SSK coincided with a surge in institutional interest in Solana. Open interest in Solana futures on the CME reached a record $167 million, signaling increased attention from institutional investors. Concurrently, spot Bitcoin ETFs in the U.S. have returned to positive capital inflows, attracting over $1 billion in two days.
The launch of the REX-Osprey Solana Staking ETF highlights the growing interest in Solana and its evolution in financial markets, potentially opening new opportunities for investors.
