The Bitwise Solana Staking ETF (BSOL) kept up the good work on its opening day by recording a trading volume of $72.4 million, which is a substantial increase from the already impressive $56 million it posted on the first day. Such a performance places the BSOL as one of the best exchange-traded fund (ETF) launches of 2025, with a better ranking than almost 850 ETF debut instances this year. The fund represents a significant milestone for Solana (SOL) staking as the first-ever 100% direct exposure to Solana (SOL) is achieved by the ETF, enabling U.S. investors to gain regulated access to Solana staking opportunities.
Eric Balchunas, a senior ETF analyst at Bloomberg, tweeted about the big number that was a “huge number” and “really positive” sign of market demand. He said that the BSOL’s trading volume is still very strong only after the launch day, whereas most ETFs suffer from a sharp drop in trading activity post-launch. Furthermore, Farside and SoSoValue reported that the fund pulled in $69.5 million in fresh capital on the very first day, thus giving it a total asset value of around $292 million.
After the excellent start of BSOL, Grayscale Investments reacted with the launch of its Solana staking ETF (GSOL). Trading volume to GSOL was associated with $4 million for the day. A fold strategy was adopted by the Grayscale fund which converted from a closed-end vehicle that offered indirect exposure to Solana through traditional brokerage accounts. According to Balchunas, GSOL’s opening volume may have been lower than BSOL’s, but the fact that they entered the market almost together meant “good competition” between them.
At the same time, the Canary Litecoin ETF (LTCC) and Canary HBARETF (HBR) kept their daily trading volumes relatively stable at $8 million and $1 million, respectively. On Wednesday, the REX Osprey SOL Staking ETF (SSK) also became a part of the competition, contributing $18 million to trading activity. The crypto staking ETF institutional traction that is noticed by the analysts is considered as the broader trend of these ETFs.
Based on Bloomberg data, there are more than 150 different proposals for cryptocurrency-based exchange-traded products (ETPs) that track 35 different digital assets and are still waiting for the SEC’s green light. In fact, the most significant number of filings are for Solana (SOL) and Bitcoin (BTC), followed by XRP and Ethereum (ETH).
A regulatory shift was felt after the U.S. government shutdown that led to a temporary halt of ETF approvals. After the reopening, the SEC introduced updated guidance which allows firms to file S-1 registrations without the need for the usual ‘delaying amendment.’which typically restricts offerings from automatically taking effect after 20 days. This change could accelerate future crypto ETF launches in the U.S. market.
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