The Rex-Osprey Solana + Staking ETF attracted $12 million in investments on its debut Wednesday, according to a spokesperson for REX Shares and Osprey Funds. This marks the first U.S. ETF to offer exposure to Solana combined with staking, allowing investors to earn yield from staking at least half of the fund’s assets.
Nasdaq data showed the ETF recorded $33.6 million in trading volume on its opening day. Despite this, Bitwise Senior Investment Strategist Juan Leon noted the demand was lower than expected given Solana’s market capitalization, suggesting institutional interest is still emerging.
Solana traded near $153, up 4.6% over the past 24 hours, but remains down 48% from its peak earlier this year. The launch comes as the U.S. Securities and Exchange Commission is anticipated to approve more crypto-focused ETFs throughout 2024.
Anchorage Digital, the only U.S. federally chartered digital asset bank, serves as the custodian for the ETF’s digital assets and manages the staking process. CEO Nathan McCauley called the launch a significant step for crypto access in the U.S. market, highlighting its innovative approach to staking.
Anchorage began offering Ethereum staking services to institutions in 2022, shortly before Ethereum’s shift to proof-of-stake. It also supports major ETFs by BlackRock and others as a custodian. Unlike spot crypto ETFs approved last year, the Rex-Osprey Solana + Staking ETF operates under the Investment Company Act, requiring a qualified custodian like Anchorage.
Bloomberg ETF analyst James Seyffart described the ETF’s first-day trading as a “healthy start,” with $8 million in volume within the first 20 minutes of trading.