SOLUSD – The inaugural Solana staking exchange-traded fund (ETF) hit the ground running on its first day in the market, amassing approximately $33 million in trading volume, as reported by Eric Balchunas, Bloomberg’s Senior ETF Analyst. The ETF, dubbed “REX-Osprey Solana + Staking ETF”, went live on Wednesday and concluded the day with a substantial $1 million in assets under management (AUM).
Balchunas anticipates that this figure could climb up to $10 million on its second day of trading, based on the impressive volume seen on its debut. This ETF stands out from the pack of staking ETFs currently being scrutinized by the U.S. Securities and Exchange Commission (SEC), as it was registered under the stringent securities guidelines of the Investment Company Act of 1940.
Under this Act, funds are obligated to entrust their assets with a qualified custodian. REX-Osprey revealed on Wednesday that it had selected Anchorage Digital, the sole federally regulated bank permitted to custody and stake digital assets, as its custodian.
“Staking is the next chapter in the crypto ETF story,” Nathan McCauley, the CEO of Anchorage, stated in the announcement, adding, “This launch marks a major step forward in giving institutions full access to the crypto ecosystem in a regulated package.”
Despite rumors that the SEC may be considering general guidance to simplify ETF listings, the Deputy Secretary of the agency, J. Matthew DeLesDernier, communicated to the New York Stock Exchange that a recently approved Grayscale ETF was under “review”. This suggests that the SEC may still be hesitant to loosen its typically rigid listing standards.
