Crypto news

SEC Panics as Solana ETF Stampedes: ETFs, Staking, and 14 Million Frenzied Wallets?!

BBG News

TL;DR (Too Lazy; Didn’t Read… but here’s why you should have):

  • SSK’s electrifying $33M debut has the SEC looking for its running shoes, accelerating Solana ETF processes (possibly before its coffee gets cold).
  • Solana’s daily active addresses have exploded to 14.63 million – somewhere, several server hamsters are fainting.

Solana ETF: Early Arrival, or Just SEC’s Attempt to Look Busy?

The SEC, a government agency famous for its glacial speed and love of three-letter acronyms, appears—against all odds—to actually be expediting Solana (SOL) ETF applications. Two definitely-human sources claim the SEC has asked fund issuers for updated S-1 filings, expected to be delivered at a speed not seen since someone announced “free donuts in the breakroom.” These filings must now include fascinating bedtime reading about staking and in-kind transactions.

Technically, the SEC could sit on its hands until October 10, but rumour has it the process could end sooner, possibly when someone at the office realizes it’s not October yet. This sense of urgency is apparently sparked by the recent emergence of the REX-Osprey Solana and Staking ETF (SSK), which launched under the Investment Company Act of 1940—a vintage document best known for being older than the combined age of most crypto investors.

SSFOMO: SSK’s Launch Turns the SEC Up to 11

Being first does have perks. SSK is officially the only Solana staking ETF in the US, which gives it a significant head start over the sad, waiting-to-be-approved ETFs gazing wistfully from the digital sidelines. Historically, the SEC dislikes giving any single fund a head start (possibly because it would be unfair, or possibly due to unresolved childhood board game trauma). This was evident with both Bitcoin and Ethereum ETFs, where everyone got to play at once.

Now, with SSK running in circles and making boisterous noises, inside voices at the SEC say there’s rising pressure to get the paperwork shuffle done. It’s as though the existence of one active Solana ETF is causing a bureaucratic existential crisis; the drama is palpable, or at least spreadsheet-compatible.

First Solana ETF Trading: Enthusiasm at Eleven, Volume at $33 Million

Cue the confetti: CryptoPotato says SSK raked in $12 million on day one, with $33 million in trade volume — which is either a sign of rabid investor appetite, or several algorithmic traders with too much coffee. Analyst Eric Balchunas confirmed the early stampede, no doubt whilst clutching a Bloomberg terminal and muttering about “the good old days.”

Meanwhile, the Solana blockchain is getting more attention than a cat video at a dog show. Santiment reports the network hit 14.63 million daily active addresses on July 7 — up from “merely” five million prior. Network congestion is expected to reach the kind of intensity generally reserved for half-price pizza day.

Solana chaos, probably caught in mid-action
Image: X (formerly known as Something Else, Probably Y)

Despite this digital parade, Solana’s price stays as cool and unmoved as Marvin the Paranoid Android at $150.06 (down 1.48% today, but who’s counting other than everyone). Still, over the last week there’s been a gentle 0.61% uptick, with trading volume soaring above $4.28 billion — enough to make even the most jaded fund manager blink twice, or possibly spill tea on their spreadsheets.

Will the network keep growing? Will the SEC break its own record for “fastest non-action action”? Or will everyone just decide to take a really long lunch? Stay tuned, stay sarcastic, and don’t forget your digital towel. 🧻🪙

Read More

2025-07-08 15:24

Previous post Ten Square Games’ Trophy Hunter challenges you with realistic wildlife and fierce PvP duels, now available on mobile
Next post Married At First Sight 2026 in crisis as producers scramble to finalise cast just weeks before filming begins – amid strict new vetting rules and fears over a ‘dud’ season