The REX-Osprey Solana + Staking ETF recorded $33 million in trading volume and attracted $12 million in inflows on its debut Wednesday, marking the first U.S. exchange-traded fund to offer direct exposure to Solana cryptocurrency alongside staking yields.
The $SSK ETF, which trades on the Cboe exchange, surpassed the initial performance of Solana and XRP futures ETFs, according to data from Bloomberg. The fund allows investors to gain exposure to Solana while earning staking rewards, a process that previously required technical expertise.
Solana’s price rose 6% to $158 on the launch day, pushing its market capitalization to $83.5 billion, according to CoinGecko data.
The ETF is managed by REX Shares and Osprey Funds with Anchorage Digital as custodian. It distributes all staking rewards to investors, offering an estimated 7.3% yield.
The launch follows a Securities and Exchange Commission ruling in May that staking does not violate securities laws, paving the way for innovative cryptocurrency products.
Bloomberg ETF analyst Eric Balchunas noted the ETF’s strong start, ranking it in the top 1% of new ETF launches based on early trading volume.
The debut comes amid broader evolution in cryptocurrency investment. Since the SEC approved the first spot Bitcoin ETFs in January 2024, the market for crypto-related financial products has expanded rapidly. Bitcoin ETFs now manage over $140 billion in assets, according to Sygnum Bank.
Solana, the sixth-largest cryptocurrency by market value, has gained traction due to its decentralized exchange ecosystem. Platforms like Raydium and Pump.fun drive significant trading volumes.
In June, the SEC requested updated filings from prospective Solana ETF issuers, including provisions for staking and in-kind redemptions. Other firms, including Invesco and VanEck, have filed for Solana ETFs, with approvals possibly coming by late July, according to Reuters.
The crypto community showed enthusiasm for the launch. Social media account @SolanaFloor reported the ETF achieved $8 million in trading volume within its first 20 minutes.
The SEC’s approval of staking ETFs contrasts with earlier skepticism under former Chairman Gary Gensler, who had scrutinized proof-of-stake cryptocurrencies. The change in stance, combined with the successful launch, could encourage further approvals for altcoin and staking-based products.
Analysts suggest the ETF’s performance may set a precedent for future products. Its ability to blend staking yields with regulated investment structures could attract institutional investors, potentially driving what some predict as an “altcoin summer.”
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