Solana ETF Debuts with $33 Million Volume, DFDV Raises $112.5 Million

Solana made significant strides with institutional investors this week, marked by the successful US trading debut of the REX-Osprey Solana + Staking ETF and a substantial capital raise by Defi Development Corp (DFDV). The REX ETF, launched under the Investment Company Act of 1940, recorded $33 million in first-day trading volume while offering native staking rewards—a first for US-listed crypto ETFs.

On the same day, DFDV announced an upsized convertible note offering to support additional Solana purchases and a stock repurchase program. This strategic move underscores the growing role of the Solana blockchain in regulated finance.

The REX-Osprey Solana + Staking ETF made a strong debut on Wednesday, becoming the first spot Solana staking exchange-traded fund (ETF) to trade on a US exchange. The ETF generated around $33 million in trading volume on its first day, a notable achievement for a niche digital asset product in its early stages. By the close of trading, the ETF had accumulated approximately $1 million in assets under management (AUM).

Unlike other crypto ETFs awaiting clarity from the US Securities and Exchange Commission (SEC), the REX-Osprey ETF was filed under the Investment Company Act of 1940, a more stringent framework that requires a higher level of custodial and investor protections. This classification may help ease regulatory concerns and pave the way for broader adoption.

The ETF’s launch also distinguishes itself by offering native staking rewards. All Solana tokens held within the ETF are staked on-chain, with 100% of the staking yield passed directly to investors in the form of monthly distributions. This feature sets the REX-Osprey Solana + Staking ETF apart from other “staking-lite” products that either simulate yield or offer indirect exposure.

Anchorage Digital, the ETF’s custodian, played a crucial role in meeting the regulatory compliance standards of the 1940 Act. Anchorage CEO Nathan McCauley stated, “Staking is the next chapter in the crypto ETF story. This launch marks a major step forward in giving institutions full access to the crypto ecosystem in a regulated package.”

Solana’s selection for the ETF marks a continued rise in institutional interest around the Layer 1 blockchain, known for its high transaction speed and low fees. The network’s technical merits, combined with a burgeoning DeFi and NFT ecosystem, have placed SOL among the top-performing altcoins.

Despite the ETF’s early success, regulatory uncertainty still looms. On the same day of the REX-Osprey launch, the SEC’s Deputy Secretary J. Matthew DeLesDernier notified the New York Stock Exchange that a newly approved Grayscale ETF would be placed under “review,” indicating that the agency is still wrestling with the broader implications of crypto-related fund approvals.

The SEC has not yet issued broad guidance for staking ETFs. As a result, many products remain in limbo, with only those that can navigate the more robust requirements of the 1940 Act making it to market. The REX-Osprey ETF represents a new phase in the evolution of crypto ETFs—one that blends decentralized finance mechanics like staking with the familiar structure of traditional financial products.

By combining regulated custody, staking yield, and transparency, the ETF appeals to a growing class of institutional and sophisticated retail investors seeking on-chain yield without the operational complexities of self-custody or direct network participation.

In related news, Defi Development Corp (DFDV) announced a $112.5 million convertible note offering as part of a major capital-raising initiative. The offering, which was upsized from an initial $100 million target, will primarily fund a stock repurchase program and additional purchases of Solana (SOL), the blockchain network at the heart of the company’s operations.

The notes are scheduled to mature in 2030 and will offer investors a 5.5% annual interest rate. They also include an equity conversion option priced at $23.11 per share—representing a roughly 10% premium over DFDV’s closing share price earlier in the week. Investors have also been granted the right to acquire an additional $25 million in notes before the round closes, further increasing the potential capital available to the company.

Formerly known as Janover, a real estate technology firm, Defi Development Corp has reinvented itself by pivoting its business model to focus on the Solana ecosystem. The company now operates validator nodes on the Solana blockchain and continues to accumulate its native token, SOL. The move follows a growing trend of public companies using debt and equity financing to acquire crypto assets.

Of the $112.5 million raised, approximately $75 million is earmarked for a prepaid forward stock purchase agreement currently being negotiated with one of the offering’s initial investors. This facility will allow the investor to hedge their convertible note exposure through derivative trades and short-selling strategies. The remaining capital will be allocated toward general corporate purposes, including an expansion of its Solana holdings.

This latest fundraising round comes just weeks after DFDV secured a $5 billion equity line of credit. The company’s aggressive financing posture signals a broader shift in how crypto-aligned public firms are leveraging traditional capital markets to bet on decentralized technologies. With Solana-specific ETFs like REX-Osprey’s $SSK now live and more institutional money entering the space, DFDV appears poised to be a major player in bridging crypto finance and traditional finance.