The cryptocurrency market took a significant leap forward this week with the official launch of the REX-Osprey Solana + Staking ETF, marking Solana’s first spot staking exchange-traded fund. Debuting on Wednesday, the ETF immediately captured investor attention, closing its first trading day with approximately $33 million in volume, according to Eric Balchunas, senior ETF analyst at Bloomberg.
This strong initial performance underscores growing institutional and retail interest in staking-enabled crypto ETFs, particularly those built on high-performance blockchains like Solana. In the first 20 minutes alone, the fund recorded around $8 million in trading volume, as reported by fellow Bloomberg analyst James Seyffart—highlighting intense early demand.
"SSK ended the day with $33M in volume. Again, blows away the Solana futures ETF and XRP futures ETF (or the avg ETF launch), but it is much lower than the Bitcoin and Ether spot ETFs."
— Eric Balchunas, Bloomberg
While the numbers fall short of the blockbuster debuts seen with Bitcoin and Ethereum spot ETFs, which saw hundreds of millions in initial volume, the Solana staking ETF still represents a major milestone. It outperforms previous crypto-linked futures ETFs by a wide margin and signals increasing confidence in proof-of-stake (PoS) assets as viable candidates for regulated financial products.
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REX-Osprey Solana + Staking ETF: A Closer Look
The newly launched REX-Osprey Solana + Staking ETF wrapped its debut day with roughly $1 million in assets under management (AUM)**. Given its robust trading activity, Balchunas projects the fund could reach **$10 million in AUM by its second trading day—a promising trajectory for a niche but rapidly evolving segment of the digital asset market.
What sets this ETF apart from other pending applications is its regulatory foundation. The U.S. Securities and Exchange Commission (SEC) registered the fund under the Investment Company Act of 1940, a framework known for its investor protections and stringent operational requirements.
Under this structure:
- The fund must use a qualified custodian to hold assets.
- Transparency and reporting obligations are significantly enhanced.
- Investor risks related to custody and mismanagement are reduced.
For this role, REX and Osprey selected Anchorage Digital, the only federally chartered crypto bank in the U.S. authorized to provide both custody and staking services for digital assets. This integration ensures that investors gain exposure not just to Solana’s price performance but also to the yield generated through staking—effectively combining capital appreciation with passive income.
Nathan McCauley, CEO of Anchorage Digital, praised the launch, calling staking-enabled ETFs “the next evolution in the crypto ETF space.” He emphasized that the product offers institutions a secure, compliant, and regulated pathway into crypto markets—addressing one of the biggest barriers to mainstream adoption.
Why Staking Integration Matters
Staking allows token holders to earn rewards by participating in network validation. By embedding staking directly into an ETF structure, the REX-Osprey fund enables investors to benefit from both market gains and staking yields, all within a traditional brokerage account.
This innovation addresses long-standing criticisms about passive crypto exposure in earlier ETF models, which offered price tracking without yield generation. Now, investors can access Solana’s high-throughput blockchain economy while earning returns comparable to decentralized finance (DeFi) strategies—but without managing private keys or smart contracts.
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Core Keywords Driving Market Interest
As this new financial product gains traction, several core keywords reflect growing search intent and market focus:
- Solana staking ETF
- spot crypto ETF
- staking-enabled ETF
- regulated crypto fund
- Solana economy
- institutional crypto access
- proof-of-stake ETF
- crypto asset management
These terms naturally align with investor queries around security, yield, regulation, and ease of access—key factors influencing adoption among traditional finance participants.
Grayscale’s ETF Conversion Still Under SEC Review
Meanwhile, Grayscale continues navigating regulatory hurdles in its effort to convert existing trusts into spot ETFs. On Tuesday, the SEC confirmed it had approved Grayscale’s plan to transform its Digital Large-Cap Fund into an ETF. The fund tracks the top five cryptocurrencies by market cap: Bitcoin, Ethereum, Solana, XRP, and Cardano (ADA).
Previously, arbitrage traders profited from price discrepancies between Grayscale’s closed-end trusts and their net asset value (NAV), largely due to restricted redemptions and lock-up periods. With the shift toward open-market ETF structures, these inefficiencies are expected to diminish, leading to tighter price-to-NAV alignment.
However, the SEC has not fully cleared the path. On Wednesday, the agency’s deputy secretary informed the New York Stock Exchange that it would reexamine Grayscale’s approval, indicating ongoing caution around broader crypto ETF expansion.
This hesitation echoes past resistance. In June 2022, Grayscale sued the SEC after its application to convert the Bitcoin Trust (GBTC) into an ETF was rejected. After more than a year of litigation, a U.S. appeals court ruled in August 2023 that the SEC’s denial was “arbitrary and capricious,” forcing regulatory reconsideration.
Today, GBTC operates as a spot Bitcoin ETF with a 1.5% expense ratio—the highest among its peers—but remains the most profitable BTC investment vehicle by total assets.
FAQ: Understanding Solana’s New Staking ETF
Q: What is a spot staking ETF?
A: A spot staking ETF holds actual cryptocurrency assets (spot) and participates in staking to earn rewards. Unlike futures-based ETFs, it provides direct exposure to token ownership and yield generation.
Q: How does the REX-Osprey ETF differ from other crypto ETFs?
A: It's the first U.S.-registered ETF to combine direct Solana holdings with active staking rewards—all within a regulated 1940 Act framework, using a federally chartered crypto bank for custody.
Q: Why is Anchorage Digital important to this ETF?
A: As the sole federal crypto bank approved for both custody and staking, Anchorage ensures compliance, security, and seamless yield accrual—critical for institutional trust.
Q: Can retail investors buy this ETF?
A: Yes. Like traditional ETFs, it trades on public exchanges, allowing retail investors to gain exposure via standard brokerage accounts without managing wallets or private keys.
Q: Is Solana a good candidate for an ETF?
A: Absolutely. With high transaction speed, low fees, and strong ecosystem growth—including DeFi, NFTs, and consumer apps—Solana offers compelling fundamentals for long-term investment.
Q: What impact could this have on other PoS blockchains?
A: If successful, it may pave the way for similar ETFs based on Cardano, Polkadot, or Avalanche—expanding access to staking yields across multiple networks.
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Final Thoughts
The launch of the REX-Osprey Solana + Staking ETF marks a pivotal moment in the convergence of traditional finance and decentralized networks. By integrating staking rewards into a regulated ETF structure, it offers a compelling alternative to both passive spot funds and complex DeFi protocols.
With $33 million in first-day volume and Anchorage Digital ensuring secure custody and yield generation, the product demonstrates strong market validation. As regulators continue reviewing additional proposals—including Grayscale’s multi-asset fund—the stage is set for broader adoption of yield-generating crypto investment vehicles.
For investors seeking exposure to Solana’s vibrant ecosystem while minimizing risk and complexity, this new ETF represents a powerful tool—one that could redefine how mainstream capital engages with proof-of-stake blockchains.