Solana (SOL) ETF Smashes XRP Debuts with $33M First-Day Trading

The first-ever Solana staking ETF just crushed expectations on its debut day, leaving XRP futures ETFs in the dust and showing there's real appetite for SOL exposure among investors.

SOL Staking ETF Delivers Strong Market Debut

Bloomberg ETF analyst Eric Balchunas reported that the REX-Osprey Solana + Staking ETF (SSK) pulled in $33 million in trading volume on day one. That's way better than the XRP futures ETFs and even the Solana futures ETF that launched earlier this year.

But let's keep things in perspective here. While $33 million is solid, it's nowhere close to what we saw with Bitcoin and Ethereum ETFs. When spot Bitcoin ETFs launched back in January, they absolutely exploded with $4.6 billion in first-day volume. Ethereum ETFs weren't too shabby either, hitting $1 billion on their debut.

The SSK product is pretty interesting because it's not your typical spot ETF. They set it up as a C corporation to get around the usual approval process, and here's the kicker - it actually lets investors earn staking rewards. That's something you can't get with regular ETFs.

What Makes This Solana (SOL) ETF Different

Here's where it gets clever. The SSK isn't technically a pure spot ETF since it was structured as a C corporation to bypass traditional ETF approval. This unorthodox setup was specifically designed to enable staking rewards - basically letting investors earn extra income while holding SOL.

For folks wanting the real deal - pure Solana spot ETFs - you'll have to wait a bit longer. Big names like Franklin Templeton and Bitwise are working on getting their SOL ETFs approved through the normal SEC process.

Pure SOL ETFs Coming Soon

The good news? Bloomberg analysts think there's a 95% chance pure Solana ETFs get approved later this year. That's pretty bullish odds, especially considering how the crypto ETF space has been heating up.

When these pure-play products do launch, it'll be interesting to see if they can match the massive demand we saw with Bitcoin and Ethereum. The SSK's decent debut suggests there's definitely interest in SOL exposure, but the real test will come when traditional spot ETFs hit the market with their broader appeal and simpler structures.