Solana Staking ETF Launches with $12 Million in First-Day Investments

The first Solana-based ETF with staking features, named REX-Osprey Solana Staking ETF (SSK), has been launched in the U.S. This news was shared by Bloomberg’s exchange analyst Eric Balchunas.

On its debut trading day at CBOE BZX, the product attracted $12 million in inflows with a trading volume of $33 million.

SSK offers investors direct access to spot Solana and the earnings generated from staking.

James Seyffart, another Bloomberg analyst, described the launch as «healthy,» highlighting an $8 million volume within the first 20 minutes.

Balchunas remarked that SSK’s performance significantly outstripped the launch of futures ETFs for Solana and XRP, but fell short compared to spot funds based on Bitcoin and Ethereum.

The fund is structured in compliance with the Investment Company Act of 1940, allowing it to bypass the standard 19b-4 application process required for spot ETFs. Nate Geraci, president of NovaDius Wealth Management, referred to this structure as a «regulatory workaround.»

Anchorage Digital has partnered with SSK for staking and asset custody.

Following the ETF launch, open interest in Solana futures on the CME reached a record $167 million, indicating increased institutional interest.

In the U.S., spot Bitcoin ETFs have resumed capital inflows, with investors contributing over $1 billion within two days, thereby surpassing a previous outflow of $342.2 million.

On July 2, the net inflow was $407.8 million, with the following day seeing $601.8 million. Fidelity’s FBTC fund led with inflows of $184 million and $237.1 million, respectively. BlackRock’s IBIT fund attracted $224.5 million on July 3 after two days of stagnant flows.

It’s worth mentioning that in June, Balchunas predicted a «summer of altcoin ETFs,» suggesting that the U.S. Securities and Exchange Commission might approve cryptocurrency basket-based instruments as early as July, and subsequently make a decision on Solana-based funds.