Solana-focused exchange-traded funds (ETFs) in the U.S. have received a lot of attention, attracting $78 million in the last month alone. This is a sign of strong demand for investment products that are backed by non-bitcoin cryptocurrencies. The success of these ETFs bodes well for a true seismic market shift.
One of those new Solana ETFs is the REX-Osprey SOL + Staking ETF (SSK), which debuted July 2. Impressively, SSK has now raised more than $41 million in assets under management.
The approval of Solana ETFs would further validate Solana’s standing. Huge market It would join Bitcoin and Ether as one of the few cryptocurrencies available to U.S. investors through spot ETFs. For now Bitcoin and Ether have disproportionate supremacy in the ETF markets.
Bitcoin ETFs, which opened for business in the beginning of January, have sucked in close to $50 billion of new capital. BlackRock’s iShares Bitcoin Trust (IBIT) is one of the most successful revenue-generating funds of any kind ever and with this latest approval now holds 700,000 BTC. Ethereum ETFs have done even better, attracting nearly $4.5 billion to date.
So far, Volatility Shares has rolled out four other Solana ETFs. The leveraged Solana ETF (SOLT) has already raked in $69 million this year, while the plain-vanilla Solana ETF (SOLZ) has $23 million.
The SEC has asked issuers to voluntarily re-file all these important documents by the end of July. This re-filing is a positive signal that Solana ETFs could be approved on an even more accelerated timeline, potentially even before the original October deadline projected.
"It's all much smaller than btc or eth but lot of green numbers = good" - Eric Balchunas
The SEC has requested issuers to re-file key documents by the end of July. This re-filing signals a potentially accelerated timeline for Solana ETFs, possibly ahead of the originally anticipated October deadline.
