The REX-Osprey Solana Staking ETF (SSK) just made history, becoming the first U.S.-approved staking-enabled ETF and pulling in $12 million in inflows on its debut day.
SSK closed its first trading session with an impressive $33 million in total volume, a clear signal that institutional investors are ready to bet big on Solana and the promise of staking rewards. Unlike traditional crypto ETFs that focus solely on spot price exposure, this product uniquely gives holders access to staking yields a feature seen as a game-changer for digital asset investing.
Regulatory Bypass: Clever or Controversial?
Solana just got its first U.S. ETF with staking rewards.
The Rex-Osprey Solana ETF launched with $12M in investments and $33.6M in volume—pioneering a yield-generating structure backed by Anchorage. pic.twitter.com/luIwAH3KNH— Backdoor News (@Backdoor_News) July 3, 2025
The path to launch wasn’t without hurdles. The SEC raised concerns back in May, arguing the fund might not meet “investment company” standards under federal law. But REX-Osprey found a workaround: by allocating at least 40% of its assets into other ETPs, mostly offshore, it structured the ETF under the Investment Company Act of 1940. This creative setup avoided the lengthy 19b-4 filing that has delayed other spot crypto ETFs for years. Some see it as a smart legal move, while critics call it a loophole that could invite tighter oversight later.
A Strong Start Despite Holiday Headwinds
Industry watchers like James Seyffart called the first-day performance a “healthy start,” highlighting that the ETF hit $8 million in trading volume in just 20 minutes, despite the July 4 holiday lull. For comparison, the recent spot Bitcoin ETFs saw $4.6 billion in first-day trades, but analysts note that the Solana ETF’s early figures still outpace early futures-based Solana or XRP ETFs. Anchorage Digital, the staking partner for SSK, described the launch as a “defining moment for digital asset markets.”
Is This the Start of an ETF Summer for Altcoins?
The Solana staking ETF launch comes amid rising optimism that more altcoin ETFs could follow. Seyffart and fellow analyst Eric Balchunas now see a 95% chance that spot Solana, XRP, and Litecoin ETFs will get the green light from the SEC by year’s end. With Grayscale’s Digital Large-Cap Fund ETF conversion already done, a second wave of crypto ETF approvals looks more likely than ever.
SOL Price Steady, But Futures Soar
Interestingly, SOL’s spot price remained subdued, edging up only 3.6% in the past day. But institutional traders took notice, Solana CME futures saw record open interest hit $167 million, hinting that the real momentum is building beneath the surface. Even as SOL trades nearly 48% below its January peak, the staking-enabled ETF shows that big money is eager to earn passive yield on top of holding the coin itself.
For now, all eyes are on whether the SSK’s launch inspires other issuers to follow suit and whether this workaround becomes a roadmap for the next wave of staking ETFs.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
