- The Solana staking ETF debuts with $12M inflows and $33M volume, signaling strong institutional interest.
- The first U.S. staking-enabled Solana ETF bypasses the SEC via a non-U.S. ETP structure, creating a new regulatory path.
- CME Solana futures open interest hit $167M post-launch, showing a sharp rise in institutional activity.
Solana reached a critical juncture in its journey to institutional adoption with the introduction of the very first staking-enabled Solana exchange-traded fund (ETF) from the United States, which became a success.
Listed on the Cboe BZX Exchange under the ticker SSK, the REX-Osprey Solana Staking ETF ended its debut day with $12 million in flows and a volume that reached $33 million, a very early but promising sign that staking-enabled crypto products are gaining the attention of early investors.
As Eric Balchunas, a Bloomberg ETF analyst, pointed out, the opening exceeded opening volumes for the Solana and XRP futures ETFs but trails the record opening days for the Bitcoin and Ether spot ETFs that together racked up a combined $4.6 billion in volume during their opening day in January 2024.
Whereas other solicited spot Solana ETFs are yet to reach SEC clearance, the REX-Osprey fund is the only staking-enabled crypto ETF that is approved in the U.S. Its direct access to the spot Solana (SOL), combined with the staking rewards that the investors can garner, closes the gap between passive income and institutional access.
“It is a watershed moment for digital assets and a significant stride toward full access to the crypto ecosystem,” added Nathan McCauley, Anchorage Digital co-founder and staking and custody partner for the ETF.
Bloomberg analyst James Seyffart described the opening as a “healthy start,” noting that the fund already witnessed $8 million in volume within the first 20 minutes of the day.
REX-Osprey Solana ETF Bypasses SEC Roadblock
The REX-Osprey fund encountered a preliminary regulatory roadblock back in May, with the Securities and Exchange Commission (SEC) calling into question its Investment Company Act of 1940 conformity.
The company was able to bypass this with the creation of the ETF that will invest a minimum of 40% of its assets in non-U.S. exchange-traded products (ETPs), basically avoiding a standard 19b-4 filing. An ETF Store president, Nate Geraci, was later characterized as a “regulatory end-around.”
Despite a certain amount of debate about its status as a “traditional” Solana ETF, the fund’s success is a promising sign of institutional interest in SOL-based products.
Although the spot market did not experience a radical price swing, SOL nevertheless added 3.6% within 24 hours after launching, changing hands at approximately $155.58 at the time of publication. SOL increased by 5% within the last week but is still down 48% from its all-time high in January 2025.
Solana Futures Jump to $167M Post ETF
However, the CME SOL futures market gave a much clearer sign of building institutional demand. Open interest at SolanaFloor soared to $167 million, hitting a record-high activity after the ETF launch.
The REX-Osprey ETF can serve as a stepping stone to the eventual acceptance of the broader-based spot Solana ETFs. Seyffart and Balchunas have quoted 95% probabilities of the spot ETFs for SOL, XRP, and Litecoin gaining approval within the year 2025.
Also Read: REX-Osprey Launches First U.S Solana Staking ETF With 7.3% Passive Income
The SEC gave the latest boost on Tuesday with the sanctioning of the ETF conversion of its Digital Large-Cap Fund by Grayscale, a product that includes SOL in its top five market-cap crypto assets.
As the year progresses into 2025, ETF growth into crypto staking and altcoins like SOL can redraw conventional investors’ entrance into the digital asset space. The REX-Osprey rollout is a sign that institutional interest in SOL is no longer speculative but is gaining liquid, real form with regulatory backing.
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