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The first U.S.-based Solana staking exchange-traded fund (ETF) will begin trading tomorrow. According to Presto Research, the launch will serve as a “litmus test” to gauge institutional investors’ interest in altcoin ETFs and staking.
Market reaction to the Solana ETF will reveal whether the underperformance of U.S.-listed Ethereum ETFs is due to Ethereum-specific problems or a lack of interest in altcoin ETFs in general, Presto Research analysts Peter Chung and Min Jung wrote in a note today.
“Strong interest in the Solana ETF could indicate that the challenges experienced by Ethereum ETFs are chain-specific and the investment thesis is not flawed,” they said.
The new ETF will not only provide investors with exposure to the Solana price, but also provide returns via staking. Chung and Jung noted that staking income is an important factor for institutional investors, adding, “A strong response would indicate that the return is valuable to institutional investors.” According to analysts, the fund’s $150 million inflow in the first month would represent a “solid start.”
This development has also increased expectations for altcoin ETF applications that the U.S. Securities and Exchange Commission (SEC) is reviewing. Currently, the SEC has spot ETF applications on its desk for altcoins such as Solana, XRP, Litecoin, Dogecoin, and Pengu.
Bloomberg ETF analysts James Seyffart and Eric Balchunas say they expect a “new wave” of ETFs in the second half of the year. According to Seyffart and Balchunas, the ETFs most likely to win approval this year will be Solana, Litecoin, and XRP.
Meanwhile, the way for staking ETFs was also paved with an important decision made by the SEC in May. The SEC ruled that ETFs offering staking returns did not violate securities laws.
The “Rex-Osprey Solana Staking ETF,” issued by Rex Shares and Osprey Funds, received SEC approval on June 27 and will begin trading on the exchange tomorrow. But this is not the first Solana-based ETF. Volatility Shares launched two futures Solana ETFs in March.
*This is not investment advice.