According to Bloomberg ETF analyst Eric Balchunas, the REX-Osprey Solana + Staking ETF (SSK) managed to generate a total of $33 million in trading volume on its first day.
This product has blown away XRP futures ETFs as well as the Solana futures ETF that were launched earlier this year.
However, the level of demand is nowhere near that of spot Bitcoin (BTC) and Ethereum (ETH) ETFs.
U.S.-based spot Bitcoin ETFs, which were launched on Jan. 11, attracted an extremely impressive $4.6 billion on their first day. Their Ethereum (ETH) counterparts achieved $1 billion during their debut. The debut-day trading activity for these products was widely viewed as extremely impressive back then.
It is worth noting that SSK is not a pure spot ETF since it was set up as a C corporation, and it was able to bypass the traditional ETF approval process. The unorthodox legal form was specifically chosen in order to enable staking rewards.
Those who want to see pure Solana plays will have to wait a bit longer before the SEC eventually approves various offerings from such players as Franlink Templeton and Bitwise. It remains to be seen how much demand these products will see compared to the previous spot ETF launches.
"Pure play" Solana ETFs have a 95% chance of being approved later this year, according to leading Bloomberg analysts. However, such behemoths as Fidelity and BlackRock are yet to join the party, even though some experts previously predicted that they would not remain on the sidelines.
Vladislav Sopov
U.Today Editorial Team