First U.S. Solana Staking ETF Debuts with $33M in Volume

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The U.S. cryptocurrency investment landscape has taken a significant leap forward with the launch of the first exchange-traded fund (ETF) offering direct exposure to Solana (SOL) and on-chain staking rewards. The REX-Osprey Solana + Staking ETF, trading under the ticker SSK, began trading on July 2, 2025, on the Cboe exchange, marking a pivotal moment for institutional and retail investors seeking yield-generating digital asset products.

On its debut day, SSK recorded approximately $33 million in trading volume** and attracted **$12 million in net inflows, according to Bloomberg ETF analyst Eric Balchunas. These figures outpaced early performance metrics from Solana and XRP futures ETFs, signaling strong market confidence in spot-based, staking-integrated products.

“$SSK ended day with $33M in volume. Again, blows away the Solana futures ETF and XRP futures ETFs (or the avg ETF launch) but it is much lower than the Bitcoin and Ether spot ETFs.”
— Eric Balchunas, Bloomberg ETF Analyst

While the numbers fall short of the record-breaking launches seen with Bitcoin (BTC) and Ethereum (ETH) spot ETFs earlier in 2025, they underscore a growing appetite for next-generation crypto ETFs that go beyond simple price exposure.

How the SSK ETF Works: Spot Pricing Meets Staking Yield

Unlike futures-based crypto ETFs, which rely on derivative contracts and often suffer from tracking errors, the SSK ETF is built on a spot pricing model. It tracks the real-time value of Solana using the CME CF Solana-Dollar Reference Rate, ensuring tighter alignment with SOL’s actual market price.

Approximately 80% of the fund’s assets are invested directly in Solana (SOL). Of that, at least half is actively staked through institutional-grade validators like Galaxy and Figment—trusted nodes known for their security, uptime, and compliance standards.

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This staking mechanism allows the fund to earn network rewards, which are then distributed to shareholders as monthly cash payouts—a feature that sets SSK apart from traditional crypto ETFs that only reflect price appreciation.

The remaining portfolio consists of liquid staking tokens such as JitoSOL, along with select Solana-related exchange-traded products available in regulated markets like Canada and Europe. This diversified approach enhances liquidity while maintaining regulatory compliance.

Regulatory Milestone: SEC Clears the Path

The approval of SSK follows months of regulatory scrutiny by the U.S. Securities and Exchange Commission (SEC). Initial concerns centered around fund classification, custody arrangements, and the legal implications of staking—a process the SEC has previously scrutinized for potential securities law violations.

However, by June 28, 2025, the SEC issued no further comments on the filing, effectively allowing the ETF to proceed under the Investment Company Act of 1940—a framework that imposes strict investor protection standards, including independent oversight, transparency, and robust custody protocols.

Anchorage Digital, the only federally chartered cryptocurrency bank in the U.S., serves as both custodian and staking partner for the fund. This designation gives investors added confidence in asset security and regulatory compliance—a critical factor in mainstream adoption.

Why Staking Integration Matters

The inclusion of staking rewards represents a strategic evolution in crypto ETF design. Historically, most crypto ETFs have functioned as passive price trackers. SSK changes that model by introducing yield generation—a key driver for long-term capital retention.

For investors, this means potential returns from two sources:

This dual-income structure mirrors trends seen in decentralized finance (DeFi), now adapted for regulated financial products. It also positions SSK as a compelling alternative to holding SOL directly—especially for investors wary of self-custody or technical complexity.

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Market Impact and Future Outlook

SSK’s successful launch could set a precedent for future cryptocurrency ETFs in the United States. Currently, there are nine other Solana ETF applications under review, many of which are expected to incorporate staking mechanisms similar to SSK.

Analysts suggest this momentum may accelerate regulatory clarity around staking-based products, potentially paving the way for Ethereum staking ETFs and multi-asset yield funds in the near future.

Moreover, Canada and Europe have already launched staking-enabled Solana ETPs, providing a blueprint for compliant yield distribution. SSK’s U.S. debut brings that model into one of the world’s largest financial markets—with implications for global crypto adoption.

Frequently Asked Questions (FAQ)

Q: What is the REX-Osprey Solana + Staking ETF?
A: It’s the first U.S.-listed ETF that provides investors with exposure to Solana’s price performance and on-chain staking rewards through monthly cash distributions.

Q: How does the ETF generate staking rewards?
A: The fund stakes a portion of its SOL holdings via trusted institutional validators like Galaxy and Figment. Rewards earned are passed through to shareholders after fees.

Q: Is SSK a spot or futures-based ETF?
A: SSK is a spot ETF, meaning it holds actual Solana tokens rather than derivatives. This results in more accurate price tracking compared to futures-based alternatives.

Q: Who is responsible for custody and staking?
A: Anchorage Digital, a federally chartered crypto bank, serves as both custodian and staking provider—ensuring compliance and security.

Q: Can individual investors participate easily?
A: Yes. Investors can buy shares of SSK through any brokerage platform that offers access to Cboe-listed securities, just like traditional ETFs.

Q: Are there tax implications for staking rewards?
A: Yes. Monthly cash payouts from staking may be treated as taxable income depending on jurisdiction. Investors should consult a tax professional for guidance.

Core Keywords

With its blend of regulatory compliance, institutional-grade infrastructure, and innovative yield model, the REX-Osprey Solana + Staking ETF represents a new chapter in digital asset investing. As more yield-focused crypto ETFs enter the pipeline, SSK’s debut could serve as a benchmark for performance, adoption, and regulatory acceptance.

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