In short
- The Rex-Osprey Solana + Staking ETF generated $12 million in first-day inflows, a spokesperson for REX Shares and Osprey Funds mentioned.
- With staking, the fund’s debut represents a brand new chapter for crypto in the U.S., in line with Anchorage Digital co-founder and CEO Nathan McCauley.
- The SEC is anticipated to approve different crypto-focused ETFs this yr.
The primary exchange-traded fund providing traders publicity to Solana in the U.S. generated $12 million price of investments in its Wall Street debut on Wednesday, a REX Shares and Osprey Funds spokesperson instructed Decrypt
The Rex-Osprey Solana + Staking ETF, which additionally provides traders yield by staking a minimum of half of the fund’s property—one other first for U.S. markets—registered $33.6 million in buying and selling quantity, per Nasdaq data.
“[The ETF’s] day 1 buying and selling quantity was 82% lower than what one would’ve anticipated primarily based on the SOL/BTC market caps,” Bitwise Senior Funding Strategist Juan Leon instructed Decrypt. “This lack of urge for food exhibits institutional traders are nonetheless very early in their understanding of SOL.”
Solana was just lately altering fingers round $153, a 4.6% enhance over the previous 24 hours, in line with crypto information supplier CoinGecko. The asset’s worth has fallen 48% because it hit $293 in January, not lengthy after the debut of U.S. President Donald Trump’s meme coin.
Though the U.S. Securities and Alternate Fee is anticipated to approve a number of crypto-focused ETFs this yr, Wednesday’s debut represents a brand new chapter “in the crypto ETF story,” Anchorage Digital co-founder and CEO Nathan McCauley mentioned in an announcement.
As the one U.S. federally chartered digital asset financial institution, Anchorage is safeguarding the ETF’s digital property, whereas utilizing its platform to stake the Solana. McCauley mentioned that Anchorage’s innovation would hopefully translate to different merchandise.
“The launch of crypto staking ETFs marks a win for shoppers and a major step ahead in full entry to the crypto ecosystem,” he mentioned.
Anchorage began letting establishments stake Ethereum in the U.S. in 2022, not lengthy earlier than Ethereum transitioned to a proof-of-stake consensus mannequin. In April, BlackRock tapped Anchorage as a custodian to safeguard some funds for its Bitcoin and Ethereum ETFs.
Anchorage’s providers mirror a daily financial institution, nevertheless it’s allowed to carry cryptocurrencies on behalf of purchasers. So far as crypto ETFs in the U.S. go, many asset managers have chosen Coinbase as a custodian, together with Grayscale Investments and Bitwise.
Not like spot crypto ETFs authorised by the SEC final yr, the Rex-Osprey Solana + Staking ETF is structured below the Funding Firm Act. That distinction required a certified custodian, like Anchorage, to carry the fund’s property.
On Wednesday, the Rex-Osprey Solana + Staking ETF bought off to a “wholesome begin,” Bloomberg ETF Analyst James Seyffart wrote on X, previously Twitter, pointing to $8 million in buying and selling quantity that the fund notched in its first 20 minutes.
Edited by James Rubin
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