Solana staking ETF debuts with $33M in trading volume and $12M in inflows
SSK becomes the first Solana staking ETF in the U.S.
REX Shares and Osprey Funds have officially launched the REX-Osprey Solana + Staking ETF (ticker SSK) on the Cboe BZX Exchange, making it the first Solana staking ETF to be traded in the United States. The new fund offers investors indirect exposure to Solana (SOL) and includes a staking mechanism, allowing them to earn additional yield by supporting the Solana blockchain’s operations.
The ETF’s debut on Wednesday was met with a positive market reaction, according to Cointelegraph. On its first day, SSK recorded $33 million in trading volume and $12 million in net inflows, as reported by Bloomberg ETF analyst Eric Balchunas. Within the first 20 minutes of trading, volume had already reached $8 million, which Bloomberg’s James Seyffart described as a “healthy start.”
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What sets this ETF apart is that it not only offers access to spot SOL, but also allows investors to earn staking income, which contributes to the security and efficiency of the Solana network. Unlike earlier futures-based ETFs, SSK enables direct participation in staking rewards, making it a notable innovation in the U.S. ETF market.
Regulatory challenges and industry debate
Nathan McCauley, co-founder of Anchorage Digital—the custodian and staking partner for the ETF—called the launch a “defining moment” for digital assets. He emphasized that products like SSK represent a significant step toward broader and more inclusive access to the crypto economy.
However, the path to launch wasn’t without obstacles. In May, the U.S. Securities and Exchange Commission (SEC) raised objections to the fund’s structure, questioning whether it met the definition of an "investment company." REX-Osprey managed to bypass these hurdles by allocating over 40% of its assets to ETPs domiciled outside the U.S., avoiding the need for a traditional 19b-4 filing.
As a result, some analysts have questioned whether SSK should be considered a “true” spot Solana ETF.
Market outlook and impact on SOL
Despite the debate, SSK’s successful launch is being viewed as a signal of strong institutional interest, ahead of potential approvals for other spot crypto ETFs.
According to analysts Seyffart and Balchunas, there is a 95% probability that spot ETFs for Solana, XRP, and Litecoin will be approved by the end of 2025. Meanwhile, Solana futures are already showing rising interest, with open interest reaching $167 million following the ETF’s debut.
Despite a strong launch, Solana’s price increased by just over 4% in the last 24 hours. At the time of publication, SOL was trading around $155, still significantly below its January peak.
Solana Price Chart. Source: TradingView
The launch of SSK marks a significant precedent for the crypto industry, highlighting growing investor demand and showcasing issuers’ ability to navigate regulatory complexities, thereby paving the way for future development of both staking and spot crypto ETFs in the U.S.
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