Solana Staking ETF Luggage $12M in Wall Avenue Debut – Decrypt

Briefly
The Rex-Osprey Solana + Staking ETF generated $12 million in first-day inflows, a spokesperson for REX Shares and Osprey Funds stated.
With staking, the fund’s debut represents a brand new chapter for crypto within the U.S., in keeping with Anchorage Digital co-founder and CEO Nathan McCauley.
The SEC is anticipated to approve different crypto-focused ETFs this 12 months.
The primary exchange-traded fund providing buyers publicity to Solana within the U.S. generated $12 million price of investments in its Wall Avenue debut on Wednesday, a REX Shares and Osprey Funds spokesperson advised DecryptThe Rex-Osprey Solana + Staking ETF, which additionally presents buyers yield by staking a minimum of half of the fund’s belongings—one other first for U.S. markets—registered $33.6 million in buying and selling quantity, per Nasdaq information.“[The ETF’s] day 1 buying and selling quantity was 82% lower than what one would’ve anticipated based mostly on the SOL/BTC market caps,” Bitwise Senior Funding Strategist Juan Leon advised Decrypt. “This lack of urge for food reveals institutional buyers are nonetheless very early of their understanding of SOL.”Solana was just lately altering palms round $153, a 4.6% improve over the previous 24 hours, in keeping 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 12 months, Wednesday’s debut represents a brand new chapter “within the crypto ETF story,” Anchorage Digital co-founder and CEO Nathan McCauley stated in a press release.As the one U.S. federally chartered digital asset financial institution, Anchorage is safeguarding the ETF’s digital belongings, whereas utilizing its platform to stake the Solana. McCauley stated that Anchorage’s innovation would hopefully translate to different merchandise.“The launch of crypto staking ETFs marks a win for customers and a big step ahead in full entry to the crypto ecosystem,” he stated.Anchorage started letting establishments stake Ethereum within 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 an everyday financial institution, however it’s allowed to carry cryptocurrencies on behalf of purchasers. So far as crypto ETFs within the U.S. go, many asset managers have chosen Coinbase as a custodian, together with Grayscale Investments and Bitwise.In contrast to spot crypto ETFs authorised by the SEC final 12 months, the Rex-Osprey Solana + Staking ETF is structured underneath the Funding Firm Act. That distinction required a certified custodian, like Anchorage, to carry the fund’s belongings.On Wednesday, the Rex-Osprey Solana + Staking ETF acquired 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 RubinDaily Debrief NewsletterStart on daily basis with the highest information tales proper now, plus authentic options, a podcast, movies and extra.