First Bitcoin, then Ethereum, and now Solana. The cryptography industry floods traditional markets with assets fixed to cryptocurrencies that mom-and-pop investors can buy from their brokerage accounts. Wednesday morning, the first fund negotiated in exchange for Solana, or ETF, was put online on CBOE BZX, a scholarship based in Chicago.
Nicknamed Rex-Osprey Sol and Staking ETF, the fund is available for investors who wish to expose to Solana, one of the main cryptocurrencies whose market capitalization is around 81 billion dollars, according to data from data from data from Binance. In addition to following the Solana price, the fund, managed jointly by Rex Financial and its Sister Company, the Osprey funds, also pays to holders a variable monthly dividend whose current rate is 7.3%
The Solana price jumped 2% after the market opening on Wednesday at around $ 151. The ETF has seen entries of about $ 20 million before noon, said Greg King, founder and CEO of Rex Financial, said Fortune.
When they were launched for the first time, cryptocurrency ETF seemed exotic for many retail investors, but the successive beginnings of Bitcoin, Ethereum and now a Solana fund suggest that products get a broader attraction.
ETFs also represent an entry point for new cryptographic investors at a time when brokerage houses as Avant-garde Do not let their users connect to an crypto exchange and buy the most recent and hottest token. The arrival of FNB Crypto Spot, or traditional market packaging around the current price of a cryptocurrency, allow traditional and institutional investors to allocate part of their portfolio to the crypto.
For years, the Securities and Exchange Commission has blocked the launch of the spot Bitcoin In the United States, even if similar products were available in Europe. The dry feared that the assets linked to the crypto be subject to market manipulation. Gray levelsAn investment company in crypto fought against the regulator before the courts and, in October 2023, a judge declared that the refusals of the dry of Graycale’s request for an ETF Bitcoin were “arbitrary and capricious”.
In January 2024, a multitude of Spot Bitcoin ETF became online, including an entry into the Titan category of active management Blackrock. Since the launch of Bitcoin ETF Spot, nearly $ 50 billion has paid into the investment productsAccording to Sosovalue data.
In July 2024, Blackrock and other issuers launched ETF for Ethereum, the second largest cryptocurrency by market capitalization. And then, other transmitters filed FNB requests for a multitude of other cryptocurrencies, including Solana.
“I frankly think that it would have been more difficult with the previous administration,” said King, CEO of Rex Financial.
