Solana ETF Launch Fuels SOL Surge
Solana ETF Launch Fuels 8% SOL Price Surge
The launch of the REX-Osprey Solana + Staking ETF (SSK), the first crypto staking ETF listed in the U.S., has sent ripples through the market. The ETF concluded its first day with $33 million in trading volume, exceeding the average ETF listing, according to Bloomberg ETF analyst Eric Balchunas. This positive reception contributed to a significant price increase for Solana (SOL), which surged by 8%, trading above $150.
Balchunas highlighted the strong performance on Twitter, noting that SSK's volume, while lower than Bitcoin and Ether spot ETFs, significantly outpaced recent Solana futures and XRP futures ETF launches. This underscores the growing investor appetite for Solana staking products.
Tweet Embed Here
The SSK ETF offers investors a way to gain indirect exposure to Solana while earning staking rewards without requiring technical expertise. This accessibility is likely a key driver of its success.
SEC Ruling and Market Implications
The positive reception of the SSK ETF follows the Securities and Exchange Commission's (SEC) May ruling that crypto staking does not violate securities laws. This cleared the path for issuers to offer such products, opening up new avenues for institutional investment in the crypto market.
While the U.S. currently lacks an ETH staking ETF, 3iQ offers one on the Toronto Stock Exchange. Hong Kong's Securities and Futures Commission also released staking rules in April, enabling local issuers to offer ETH staking ETFs.
BlackRock's Bitcoin ETF Dominance
In other market news, BlackRock’s iShares Bitcoin ETF (IBIT) is outperforming its flagship iShares Core S&P 500 ETF (IVV) in terms of annual revenue. Despite holding significantly less in assets under management ($75 billion vs. $624 billion for IVV), IBIT's higher fee structure (0.25% vs. 0.03% for IVV) results in higher absolute revenue.
This signifies the growing institutional interest in Bitcoin and the willingness to pay a premium for regulated exposure.
Market Movements
- BTC: Up 3.6% to over $109,000
- ETH: Up 8.6% to $2,608
- Gold: HSBC raised 2025-2026 price forecasts
- Nikkei 225: Down 0.15%
- S&P 500: Up 0.47% to 6,227.42
Elsewhere in Crypto
- Ripple Applies for Federal Bank Trust Charter, XRP Jumps 3%
- Moku's analysis on the state of crypto gaming
- Celsius to pursue a $4.3B lawsuit against Tether
Codeum provides comprehensive blockchain security and development services, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consulting, and partnerships with launchpads and crypto agencies.