The REX-Osprey Solana Staking ETF made history on Wednesday as the first US exchange-traded fund to combine spot Solana exposure with staking rewards. Trading under the ticker SSK, the fund launched on the Cboe BZX Exchange and attracted $12 million in inflows on its first day, with total trading volume hitting $33 million.
Bloomberg ETF analysts called it a “healthy start,” with James Seyffart noting that over $8 million changed hands within the first 20 minutes. Although volumes were far below the record-setting spot Bitcoin and Ethereum ETFs—which drew billions when they launched in January 2024—they far outpaced previous Solana and XRP futures ETFs.
The product offers investors direct access to Solana’s staking yields, representing a significant expansion of crypto ETF offerings in the US market.
Navigating Regulatory Obstacles with a Creative Structure
While the fund’s debut appeared smooth, its journey to market was marked by complex negotiations with the Securities and Exchange Commission (SEC). The regulator initially objected in May, questioning whether the ETF qualified as an “investment company” under federal securities law.
To resolve this, REX-Osprey adopted a structure that requires at least 40% of the fund’s assets to be allocated into other exchange-traded products, mainly those domiciled overseas. This workaround enabled the SEC to clear the product for launch.
Anchorage Digital, which acts as the staking and custody partner for the ETF, called the milestone a “defining moment for digital assets.” Co-founder Nathan McCauley said it demonstrated that crypto investors are increasingly demanding regulated access to staking rewards.
Broader Implications for Spot Solana ETFs
The ETF’s early performance is expected to be a bellwether for broader institutional interest in Solana. Analysts believe this could accelerate the timeline for fully regulated spot Solana ETFs.
Bloomberg’s Seyffart and Eric Balchunas recently estimated there’s a 95% probability that the SEC will approve spot Solana, XRP, and Litecoin ETFs by year-end.
Separately, the SEC this week approved Grayscale’s proposal to convert its Digital Large-Cap Fund—holding the five biggest cryptocurrencies—into an ETF, underscoring the rapid shift toward mainstream crypto investment products.
Quick Facts
- The REX-Osprey Solana Staking ETF launched on the Cboe BZX Exchange with $12 million in inflows on its first day.
- It saw $33 million in trading volume, marking a strong debut compared to prior Solana and XRP futures ETFs.
- The product faced SEC scrutiny but was approved after restructuring to invest at least 40% in non-U.S. ETPs.
- Bloomberg analysts forecast that spot Solana ETFs could be approved before the end of 2025 with a 95% probability.
