- Historic Launch: The REX-Osprey Solana + Staking ETF (SSK), the first U.S.-listed Solana staking ETF, debuted on July 2, 2025, on the Cboe BZX Exchange.
- Strong Inflows: The ETF attracted $12 million in net inflows and $33 million in trading volume on its first day, signaling robust investor interest.
- Staking Rewards: SSK offers exposure to Solana (SOL) while staking at least 50% of its assets to generate yields, currently around 7.3% annually.
- Regulatory Innovation: Structured under the Investment Company Act of 1940, SSK sidestepped traditional SEC approval hurdles, using Anchorage Digital as its custodian and staking partner.
- Market Impact: The launch has fueled speculation about future spot Solana ETF approvals, with analysts estimating a 95% chance by year-end.
On July 2, 2025, the crypto investment landscape in the United States reached a new milestone with the launch of the REX-Osprey Solana + Staking ETF (SSK), the first exchange-traded fund (ETF) to combine direct exposure to Solana (SOL) with staking rewards. Trading on the Cboe BZX Exchange, SSK recorded an impressive $12 million in net inflows and $33 million in trading volume on its debut day, according to Bloomberg ETF analyst Eric Balchunas. This strong start underscores growing investor appetite for innovative crypto products that blend traditional finance with blockchain-native opportunities.
A New Era for Crypto ETFs
The SSK ETF, a collaboration between REX Shares and Osprey Funds, is a groundbreaking product that allows investors to gain exposure to Solana (SOL), the sixth-largest cryptocurrency by market capitalization, without the complexities of managing digital wallets or staking protocols. Unlike traditional spot ETFs for Bitcoin (BTC) and Ethereum (ETH), SSK incorporates on-chain staking, a process where SOL tokens are locked to secure the Solana blockchain, earning rewards estimated at 7.3% annually. These rewards are passed directly to investors through monthly cash distributions, offering a passive income stream within a regulated ETF structure.
Anchorage Digital, the only federally regulated bank authorized to custody and stake digital assets, serves as SSK’s exclusive custodian and staking partner. “Staking is the next chapter in the crypto ETF story,” said Nathan McCauley, CEO of Anchorage Digital, highlighting the fund’s role in making blockchain rewards accessible to traditional investors.
Regulatory Workaround Fuels Launch
The path to SSK’s launch was not without challenges. The U.S. Securities and Exchange Commission (SEC) initially raised concerns in May 2025 about whether staking ETFs qualified as investment companies under securities laws. REX-Osprey navigated these hurdles by structuring SSK under the Investment Company Act of 1940, a framework that requires a qualified custodian and imposes stricter operational regulations. To further comply, the fund allocates at least 40% of its assets to foreign Solana-based exchange-traded products (ETPs) that also engage in staking, with the remaining portfolio including direct SOL holdings and liquid staking tokens like JitoSOL.
This “regulatory end-around,” as described by Nate Geraci of NovaDius Wealth Management, allowed SSK to bypass the standard 19b-4 filing process required for spot crypto ETFs, accelerating its market entry. The fund’s structure has sparked debate about whether it qualifies as a traditional spot Solana ETF, but its debut performance suggests it meets a clear investor demand.
Market Performance and Implications
SSK’s first-day trading volume of $33 million far surpassed that of Solana and XRP futures ETFs, though it fell short of the $4.6 billion recorded by spot Bitcoin ETFs on their debut in January 2024. Bloomberg’s James Seyffart noted that SSK saw $8 million in volume within the first 20 minutes, calling it a “healthy start to trading”. The fund launched with a net asset value (NAV) of $24.94 and was trading around $26.50 by the close of its first day.
Despite the ETF’s strong debut, Solana’s price showed muted movement, gaining 3.6% over 24 hours to trade around $153 on July 3, 2025. This was lower than other high-cap altcoins, with SOL still down 48% from its January peak. However, Solana CME futures saw record demand, with open interest hitting $167 million post-launch, signaling rising institutional interest.
The following table summarizes SSK’s debut performance compared to other crypto ETFs:
| ETF Type | First-Day Trading Volume | First-Day Inflows | Launch Date |
|---|---|---|---|
| REX-Osprey Solana (SSK) | $33 million | $12 million | July 2, 2025 |
| Solana Futures (SOLZ) | $1 million | $12 million (3 mo.) | – |
| Spot Bitcoin ETFs | $4.6 billion | – | Jan 2024 |
| Spot Ether ETFs | – | $9.9 billion (total) | Jul 2024 |
Looking Ahead: Spot Solana ETFs on the Horizon?
The success of SSK has fueled speculation about the approval of spot Solana ETFs, with nine applications currently under SEC review from issuers like Franklin Templeton and VanEck. Analysts Balchunas and Seyffart estimate a 95% chance of approval by the end of 2025, potentially paving the way for broader altcoin ETF adoption. The launch of SSK also aligns with growing institutional interest in Solana, evidenced by its decentralized exchange (DEX) volumes surpassing Ethereum’s, driven by platforms like Raydium and Pump.fun.
Conclusion
The REX-Osprey Solana + Staking ETF (SSK) marks a pivotal moment for crypto investments in the U.S., offering a regulated, accessible way to gain exposure to Solana and its staking rewards. With $12 million in inflows and $33 million in trading volume on its debut, SSK has set a strong precedent for staking-based ETFs. As regulatory clarity improves and institutional interest grows, SSK’s success could herald a new wave of altcoin-focused financial products, further integrating cryptocurrencies into mainstream markets.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
