Crypto fans, are you taking note? Solana just made a bold entry into the U.S. ETF market!
The first-ever Solana staking ETF launched by REX Shares under the ticker SSK recorded over $33 million in trading volume on its first day, with $12 million in inflows.
That’s more than what we saw with the XRP and Solana futures ETFs when they launched earlier this year and well above the average ETF debut in the U.S., according to Bloomberg ETF analyst Eric Balchunas.
“$SSK ended day with $33m in volume. Again, blows away the Solana futures ETF and XRP futures ETFs (or the avg ETF launch) but it is much lower than the Bitcoin and Ether spot ETFs,” Balchunas posted on X.
Unlike Bitcoin and Ethereum spot ETFs, which pulled in billions on launch day, this Solana ETF is a different kind of product. It’s structured as a C-corporation, which allowed it to skip the usual SEC approval process. That legal move was made so the fund could offer staking rewards, something traditional ETFs can’t do yet.
That feature gives SSK a unique edge. Investors get indirect exposure to SOL, while also benefiting from the network’s staking yields. The fund is custodied by Anchorage Digital, a well-known name in digital asset custody.
The success of SSK has sparked fresh interest in pure spot Solana ETFs, which are still waiting for regulatory green lights. Big players like Franklin Templeton and Bitwise have filings in progress, and Balchunas recently said he sees a 95% chance of approval later this year.
That puts Solana ahead of XRP in the ETF race, at least for now.
Following the ETF debut, Solana’s price rallied 4% and continued to climb the next day, trading around $154 at the time of writing. Traders are watching the $160 resistance level closely, with bullish momentum building on both the RSI and MACD indicators.
If that level breaks, analysts expect a possible move toward $184.
This launch shows real demand for Solana from larger investors. A staking ETF is a first in the U.S., and while it’s not a full spot ETF, it’s a big step forward.
With more Solana ETF proposals lined up and strong early interest in SSK, Solana may be entering a new phase as a serious player in regulated finance.
Bloomberg ETF analysts like Eric Balchunas currently estimate a 95% chance of spot Solana ETFs being approved later this year, potentially within two to four months. Unlike the SSK ETF, which is structured as a C-corporation to allow staking and holds a mix of direct SOL and other staked ETPs, a pure spot Solana ETF would directly hold SOL. Spot ETFs typically offer more direct price exposure and may have lower fees in the long run.
The SSK ETF provides a regulated and convenient way to gain exposure to Solana’s price while also earning staking rewards, all within a traditional brokerage account. This avoids the technical complexities of direct staking and the potential “contango” losses associated with futures-based ETFs. Investors get the benefit of yield without managing private keys or network infrastructure.
Yes, the strong performance and unique staking structure of the SSK ETF could set a precedent and influence other altcoins, including XRP, to pursue similar staking-enabled ETF products. Its success signals institutional demand for yield-generating crypto investments in a regulated format, potentially paving the way for a “crypto ETF summer” for various altcoins.
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