The first Solana staking ETF in the United States ended its debut session with $12 million in inflows and $33 million in trading volume. Launched by REX Financial and Osprey Funds, the product became the first crypto ETF in the US offering both spot Solana exposure and staking rewards. The ETF trades under the ticker “SSK” on the Cboe BZX Exchange.
Bloomberg ETF analysts Eric Balchunas and James Seyffart confirmed the trading activity and called the opening day performance “healthy.” Balchunas noted that while SSK’s first-day volume exceeded previous Solana and XRP futures ETFs, it remained well below the $4.6 billion seen during the spot Bitcoin ETF launch in January 2024.
The REX-Osprey Solana Staking ETF faced regulatory challenges before its launch. The Securities and Exchange Commission initially raised objections in May regarding whether the product qualified as an “investment company” under US securities law. The fund resolved the issue by allocating over 40% of its holdings to other exchange-traded products, many of which are based outside the United States.
This strategy allowed the ETF to launch without going through the typical 19b-4 filing process, which is required for spot crypto ETFs. The fund’s approval came through the Investment Company Act of 1940, bypassing regulatory bottlenecks that have delayed other spot altcoin ETFs.
Nate Geraci, president of NovaDius Wealth Management, previously described the structure as a “regulatory end-around.” While some market watchers question whether SSK fits the traditional definition of a spot Solana ETF, it remains the first US fund to combine spot exposure with Solana staking yields. As of now, the ETF offers a variable monthly dividend yield, with the current rate at 7.3%.
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Market analysts now expect additional Solana ETFs to gain approval. Bloomberg’s Seyffart and Balchunas estimate a 95% probability that spot Solana ETFs will receive SEC clearance by year-end. The REX-Osprey fund’s launch is seen as a potential indicator of growing institutional interest in Solana and other altcoins.
In addition to the ETF inflows, Solana CME futures recorded rising demand following the launch. According to SolanaFloor, open interest in Solana futures surged to $167 million, reflecting greater institutional exposure to the asset. These developments follow the debut of spot Bitcoin and Ethereum ETFs, which paved the way for regulated crypto investment options in US markets.