The first spot Solana staking exchange-traded fund, named REX-Osprey Solana + Staking ETF, made a powerful debut Wednesday with $33 million in trading volume, according to Bloomberg Senior ETF Analyst Eric Balchunas. It ended the day managing about $1 million in assets, but Balchunas expects that could jump to $10 million on day two, given the impressive volume.

Unlike other staking ETFs under SEC discussion, this fund operates under the tougher Investment Company Act of 1940 rules, requiring a qualified custodian. REX-Osprey chose Anchorage Digital, the only federally regulated bank approved to both custody and stake crypto assets, offering extra security for investors. Anchorage CEO Nathan McCauley called staking the next chapter in crypto ETFs and said this launch will help institutions access digital assets in a regulated package.

Despite momentum, the SEC remains cautious about new ETF structures. On Wednesday, Deputy Secretary J. Matthew DeLesDernier signaled the agency is still reviewing a recently approved Grayscale ETF, suggesting strict listing standards will not change easily.