Rex Shares Launches First Staked Solana ETF in US Drawing $12 Million Inflows

Rex Shares, a prominent financial services firm, has introduced the first staked Solana ETF in the US, marking a significant development in the cryptocurrency investment landscape. The REX-Osprey Solana + Staking ETF, known as SSK, began trading on the Cboe exchange. This ETF invests in a combination of spot Solana, other Solana funds, and liquid staking tokens such as JitoSOL. Anchorage Digital will be responsible for the custody and staking of the fund's assets.

The launch of SSK is notable as it is the first ETF in the US that provides exposure to Solana while also offering staking rewards. This dual benefit makes it an attractive option for investors looking to gain from both the price appreciation of Solana and the staking rewards. The ETF's debut was met with strong demand, drawing $12 million in inflows on its first day, indicating a growing interest in Solana and staking ETFs among investors.

The approval of the Solana Staking ETF by the SEC is expected to pave the way for more altcoin ETF approvals. This development is part of a broader trend where traditional financial markets are increasingly embracing cryptocurrencies. The launch of spot Bitcoin ETFs in January 2024 and Ethereum ETFs in July 2024 has set a precedent for the approval of other cryptocurrency ETFs. The success of these ETFs has shown that there is a substantial demand for crypto investment products among traditional and institutional investors.

The REX-Osprey Solana + Staking ETF is managed jointly by REX Financial and its sister firm Osprey Funds. The fund not only tracks the price of Solana but also pays holders a variable monthly dividend. The current dividend rate is 7.3%, providing an additional incentive for investors. The price of Solana experienced a 2% jump after the ETF's launch, reflecting the positive market sentiment surrounding the new investment product.

The launch of the Solana Staking ETF is a testament to the growing acceptance of cryptocurrencies in traditional financial markets. It provides an entry point for new crypto investors who may not have access to crypto exchanges through their brokerage accounts. This development is particularly significant as it allows traditional and institutional investors to allocate a portion of their portfolio to crypto, further integrating cryptocurrencies into the mainstream financial system.