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The United States has made a groundbreaking move by launching the first-ever exchange-traded fund (ETF) offering exposure to Solana (SOL) with built-in staking rewards. This innovative product has successfully attracted an impressive $12 million in inflows and generated $33.6 million in trading volume on its debut day.
The new ETF, named REX-Osprey Solana + Staking ETF (SSK), is the first regulated investment vehicle to combine SOL price appreciation with staking yield. The ETF has been custodied by Anchorage Digital.
In a surprising turn of events, SSK outperformed both SOL and XRP futures ETFs in initial demand, yet still trailed behind massive trading volumes of spot Bitcoin and Ether ETFs. The launch of this ETF has also led to an impressive 5% increase in the value of SOL. As of now, SOL is being traded at around $153.69 with a substantial market capitalization of $82.17 billion according to CoinMarketCap.
The newly launched ETF offers investors a simple and cost-effective way to invest in Solana (SOL) without dealing with the drawbacks associated with futures-based ETFs. Unlike such products, which can experience losses due to “contango”, SSK buys actual SOL tokens providing direct exposure to the cryptocurrency’s price. Furthermore, it stakes SOL to generate extra returns for investors, currently standing at an impressive annual rate of 7.3%.
Greg King, CEO of REX Financial, has made a significant statement highlighting this move as a major milestone not just for ETFs but also for the crypto industry and a groundbreaking expansion in how securities investors can gain exposure to crypto investments and blockchain-native returns.
According to an official press release, SSK is designed for both retail and institutional investors. Most cryptocurrency users either utilize complicated derivatives or only hold the asset; however, SSK takes it a step forward by staking SOL directly on the Solana blockchain to generate real rewards. It also invests in other staked SOL products for additional exposure.
The approval of this first-ever Solana Staking ETF is expected to significantly boost market confidence in the cryptocurrency and open doors for mainstream adoption.
Source: www.cryptonewsz.com
