Solana Staking ETF Bags $12M in Wall Street Debut

The first exhibition built fund that offers investors exposure to Solana In the US, $ 12 million in investments in his Wall Street debut on Wednesday on Wednesday, a spokesperson for Rex and Osprey Funds said Decrypt

The Rex-Esprey Solana + STACK ETF, which also offers investors who will be released at least half of the assets of the fund-one first for American markets-registered $ 33.6 million in trade volume, per Nasdaq facts.

‘[The ETF’s] Day 1 Trade volume was 82% less than what was expected based on the SOL/BTC market caps, “said Bitwise Senior Investment Strategist Juan Leon DecrypT. “This lack of appetite shows that institutional investors are still very early in their understanding of SOL.”

Solana recently changed owner around $ 153, an increase of 4.6% compared to the last 24 hours, according to Crypto Data Provider Coentecko. The price of the active fell by 48% since it reached $ 293 in January, not long after the debut of the Meme Coin of the US President Donald Trump.

Although the US Securities and Exchange Commission is expected to approve various crypto-oriented ETFs this year, the debut of Wednesday represents a new chapter “in the crypto ETF story,” said Anchorage digital co-founder and CEO Nathan McCauley in a statement.

As the only American federally chartered Digital Asset Bank, Anchorage protects the digital assets of the ETF, while using his platform to use the Solana. McCauley said that Anchorage’s innovation would hopefully translate into other products.

“The launch of crypto strike ETFs is a victory for consumers and an important step forward in full access to the crypto ecosystem,” he said.

Anchorage set Have settings set in the US in 2022, not long before Ethereum switched to a proof-of-stake consensus model. In April, BlackRock tapped Anchorage as a custodian to protect some money for his Bitcoin and Ethereum ETFs.

Anchorage’s services reflect an ordinary bank, but it may keep cryptocurrencies on behalf of customers. With regard to crypto ETFs in the US, many asset managers have chosen Coinbase as a custodian, including gray investment investments and Bitwise.

In contrast to Spot Crypto ETFs that were approved by the SEC last year, the Rex-Superprey Solana + strike ETF is structured under the Investment Company Act. That distinction required a qualified custodian, such as Anchorage, to keep the fund’s assets.

On Wednesday, the Rex-Superprey Solana + strike ETF stepped on a ‘healthy start’, wrote Bloomberg ETF analyst James Seyffart on X, formerly Twitter, show Up to $ 8 million in trade volume that the fund achieved in the first 20 minutes.

Published by James Rubin