- The REX-Osprey Solana + Staking ETF, regulated under the 1940 Act saw $33 million in volume on its first day.
- It offers both price gains and staking returns without the need of direct crypto custody.
- Solana jumped over 3 percent and reached $153 after the ETF boosted investor confidence.
The first U.S. spot Solana staking ETF launched on Wednesday, closed the day with around $33 million in trading volume. Despite hitting a high trading volume, the “REX‑Osprey Solana + Staking ETF” ended the day with just $1 million in assets under management (AUM). Balchunas noted on X that he expects this to rise to $10 million on day two based on initial trading activity.
This ETF is the first of its kind in the United States to combine Solana exposure with direct staking rewards. The fund operates under the Investment Company Act of 1940, a structure that carries strict rules designed to protect investors. Unlike many pending applications with the U.S. Securities and Exchange Commission (SEC), this ETF managed to launch without delay under that framework.
Structure and Strategy Behind the Launch
While most digital asset ETFs await SEC approval, REX and Osprey advanced. They filed for ETF earlier in the year, proposing a fund that blended spot crypto holdings with staking yield. However, the SEC raised classification concerns and requested a delay on May 30.
The ETF distributes the staking rewards, estimated to range from 7% to 7.3% per annum, to investors. These rewards would be paid out monthly into ordinary brokerage accounts, creating a passive income stream that does not require end users to engage directly with blockchain tools. It is the first time in U.S. ETF history that such a reward mechanism has been adopted.
How the Fund Operates and What It Holds
The fund’s composition includes various Solana exchange-traded products sourced from global markets, plus a portion of liquid staking assets like JitoSOL. In adherence to custodial requirements set forth under the Investment Company Act of 1940, the fund is mandated to store its assets with a qualified and federally recognized custodian. For this purpose, REX-Osprey appointed Anchorage Digital, the only chartered crypto bank in the United States authorized to both custody and stake digital assets.
Anchorage Digital is the only federally regulated crypto bank authorized to both custody and stake digital assets. According to CEO Nathan McCauley, the fund is a major step toward institutional access to digital assets in a secure and compliant manner. “Staking is the next chapter in the crypto ETF story,” McCauley said.
The SEC, meanwhile, continues to scrutinize ETF launches. On the same day the Solana ETF debuted, Deputy Secretary J. Matthew DeLesDernier informed the NYSE that a recently approved Grayscale ETF remained under review. This reflects the SEC’s ongoing caution and reluctance to relax its longstanding listing policies.
Related: Gemini Enables SOL Staking, DFDV Stock Tokenized on Solana
Market Reaction and Investor Outlook
Solana prices reacted positively to the launch of the ETF, rising 3.22% in the past 24 hours to $153.88, according to CoinMarketCap at the time of reporting. The volume of the token saw a surge of 14.89%, reaching $3.95 billion. Trading volumes went as high as $3.07 billion at 5:35 PM UTC on July 2. The circulating supply of the token is now 534.6 million, with a total supply of 604.3 million. Could this ETF be an initiative to help the token rise to further market levels?
