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Solana Staking ETF Makes History with $12M First-Day Haul
The first-ever crypto staking exchange-traded fund (ETF), REX-Osprey’s Solana Staking ETF, has made history by attracting an astonishing $12 million in inflows and a trading volume of $33 million on its debut day. This unprecedented performance surpasses recent launches of Solana futures and XRP futures ETFs.
The innovative ETF offers investors direct exposure to the spot price of Solana (SOL) as well as staking yields, eliminating the need for technical knowledge about cryptocurrency staking processes. As a result, this launch marks a significant milestone in the United States financial markets.
Despite facing regulatory hurdles with the Securities and Exchange Commission (SEC), REX-Osprey successfully resolved these issues by investing at least 40% of its assets in other exchange-traded products, mostly domiciled outside the United States. This unique structure allows the fund to operate under the Investment Company Act 1940.
Solana prices reacted modestly to the ETF launch, rising by 4% and trading above $150 following the news. While this performance trails most other high-cap altcoins, it is still an encouraging sign for investors.
The cryptocurrency’s recent gains come after a decline of 48% from its January peak. The asset currently trades at around $153, having increased by 5% over the past week. It is important to note that Solana has been gaining popularity in recent times due to its scalability and decentralized finance (DeFi) applications.
The launch’s performance provides valuable insight into institutional demand for spot Solana ETFs, which may launch later this year. Bloomberg analysts recently assigned a 95% probability of spot Solana ETFs receiving approval by the end of 2025.
As a result, this impressive first-day haul marks a significant turning point in the growth and maturation of the cryptocurrency market.
Source: coincentral.com
