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Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors.
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In Today's Edition
Solana Staking ETF: A New Frontier for Crypto Investing
OpenAI Warns Against Unauthorized Tokenized Shares on Robinhood
JPMorgan Tests Tokenized Carbon Credits with S&P Global
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Now let's get back to the top stories of the day.
1. Market Update: Bitcoin Soars, Memecoins Shine
The cryptocurrency market is alive with momentum. Bitcoin (BTC) made headlines by briefly surpassing $110,000 earlier today, driven by a robust $407.78M inflow into U.S.-listed spot exchange-traded funds (ETFs), bringing its lifetime tally to $49.04B. As of writing, Bitcoin is trading at approximately $109,803, reflecting slight volatility but strong institutional interest.
Ethereum (ETH) is steady at $2,592, maintaining its position as the second-largest cryptocurrency by market cap ($313.12B). Solana (SOL) is priced at $154.79, up 3.6% in the last 24 hours, aligning with its growing prominence in the market.
Memecoins are stealing the spotlight, with Bonk (BONK) and Fartcoin (FARTCOIN) reportedly surging over 15% in the past 24 hours. BONK currently has a market cap of $1.3B, and FARTCOIN has a market cap of $1.2B.
2. Solana Staking ETF: A New Frontier for Crypto Investing
On July 2, 2025, the crypto market welcomed a pioneering product: the REX-Osprey Solana + Staking ETF (SSK), the first U.S. crypto staking ETF. Launched on the Cboe exchange with an initial share price of $25.47, SSK offers investors exposure to Solana (SOL) while generating staking rewards, which secures the Solana network and provides additional yield. Anchorage Digital is the custodian and staking partner, ensuring robust infrastructure for this innovative fund.
The ETF recorded a remarkable $33M in trading volume on its first day, with assets under management (AUM) starting at $1M and projected to reach up to $10M based on the second day's volume. Regulated under the Investment Company Act of 1940, SSK allows investors to access crypto staking through traditional brokerage accounts, potentially broadening the appeal of digital assets. Nathan McCauley, CEO of Anchorage Digital, called staking "the next chapter in the crypto ETF story," highlighting its significance for the industry.
OpenAI has issued a strong warning about tokenized equity offerings of its shares on Robinhood, declaring them unauthorized and unendorsed. In a statement, the company said, "Any transfer of OpenAI equity requires our approval; we did not approve any transfer,". These "OpenAI tokens" are not actual equity, and OpenAI has not partnered with Robinhood for this offering.
Robinhood recently launched tokenized stock trading on the Arbitrum blockchain for European users, including 200 equities and ETFs, and a secondary market for startup equity like OpenAI and SpaceX. However, experts like Rob Hadick of Dragonfly warn that private companies may not honor such unauthorized sales, potentially leading to cancellations. Speculation exists that the equity might represent authorized shares, per comments from Robinhood's CEO, but the lack of clarity underscores the risks. Robinhood did not respond to inquiries, leaving investors to navigate this uncertain terrain cautiously.
4. JPMorgan Tests Tokenized Carbon Credits with S&P Global
JPMorgan's blockchain division, Kinexys, is partnering with S&P Global to test tokenized carbon credits to enhance transparency and liquidity in the carbon credit market. This initiative uses blockchain technology to focus on credit lifecycle management, data compatibility, and registry access. Keerthi Moudgal, head of product at Kinexys Digital Assets, stated, "Our shared aim is to establish standardized infrastructure that enhances information and price transparency, paving the way for financial innovation and increased market liquidity."
Kinexys, which settles $2B in daily transactions, is building on its blockchain expertise. It recently piloted a deposit token (JPMD) on Coinbase's Base network, an Ethereum layer-2 solution. This move signals growing institutional adoption of blockchain for real-world asset tokenization, potentially transforming environmental markets.
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