The United States’ first Solana staking exchange-traded fund (ETF) wrapped up its debut with $12 million in inflows, signaling strong interest in crypto staking-enabled investment products.
Launched on Wednesday under the ticker SSK on the Cboe BZX Exchange, the REX-Osprey Solana Staking ETF saw $33 million in trading volume, according to Bloomberg ETF analyst Eric Balchunas.
The fund offers investors direct exposure to spot Solana (SOL) along with staking rewards, making it the first staking-based crypto ETF to be approved in the U.S.
Bloomberg ETF analyst James Seyffart called it a “healthy start,” noting the fund traded $8 million within the first 20 minutes. Balchunas added that the volume “blows away” previous Solana and XRP futures ETFs, though it still trails the massive first-day numbers of spot Bitcoin and Ethereum ETFs, which recorded a combined $4.6 billion in trading on their January 2024 debut.
Nathan McCauley, co-founder of Anchorage Digital—staking and custody provider for the ETF—called the launch a “defining moment” for digital assets and a key milestone toward broader access to the crypto ecosystem.
Regulatory hurdles
The REX-Osprey fund encountered regulatory pushback from the Securities and Exchange Commission (SEC), which raised objections in late May despite initially clearing its registration.
The main concern centered on whether the ETF qualified as an “investment company” under U.S. securities laws. To navigate this hurdle, the fund structured itself to invest at least 40% of its assets in other exchange-traded products (ETPs), primarily based outside the United States.
Spot Solana ETF Gains Attention Amid Buzz Around ‘Altcoin ETF Summer’
Unlike proposed spot Solana ETFs still awaiting SEC approval, the REX-Osprey Solana ETF is structured under the Investment Company Act of 1940, allowing it to bypass the traditional 19b-4 filing process.
Back in May, Nate Geraci, president of NovaDius Wealth Management, referred to this approach as a “regulatory end-around.” However, some industry voices have questioned whether it should be classified as a true spot Solana ETF.
Still, the ETF’s strong debut may offer a preview of institutional appetite for spot Solana products, especially as momentum builds toward potential approvals later this year.
Bloomberg analysts James Seyffart and Eric Balchunas recently estimated a 95% chance that spot Solana ETFs will gain approval by the end of 2025. Seyffart added that a wave of altcoin ETFs could hit the market in the second half of the year, including products tied to XRP, Solana, and Litecoin.
Adding to the momentum, the SEC on Tuesday approved Grayscale’s request to convert its Digital Large-Cap Fund—which holds a basket of the top five cryptocurrencies by market cap—into an ETF.
SOL Price Sees Muted Reaction Despite ETF Launch
Solana (SOL) saw no major price reaction following the debut of the REX-Osprey staking ETF, posting a 3.6% gain over the past 24 hours—lagging behind most other high-cap altcoins.
At the time of writing, SOL was trading near $153, up roughly 5% on the week, but still down 48% from its January peak.
While price movement remained subdued, institutional interest appeared to strengthen. According to SolanaFloor, open interest in Solana CME futures hit a record $167 million after the ETF launch, signaling growing demand from institutional investors.
