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The inaugural Solana staking exchange-traded fund (ETF) in the United States concluded its first trading day with $12 million in inflows and $33 million in volume, indicating a robust beginning for crypto ETFs focused on staking.
Key Takeaways:
- The first US Solana staking ETF debuted with $12 million in inflows and $33 million in volume.
- Opening day trading volumes exceeded those of previous Solana and XRP futures ETFs.
- REX-Osprey’s innovative fund structure successfully navigated SEC challenges, bypassing the conventional spot ETF approval process.
The REX-Osprey Solana Staking ETF, trading under the ticker SSK, was launched on Wednesday on the Cboe BZX Exchange.
This fund provides investors with exposure to Solana (SOL) while offering staking yields, making it the first ETF in the U.S. to merge spot Solana exposure with staking rewards.
Solana Staking ETF Surpasses Futures Funds
However, they did not reach the remarkable debuts of spot Bitcoin and Ether ETFs, which collectively recorded $4.6 billion in shares traded on their first day in January 2024.
Bloomberg’s James Seyffart mentioned that the ETF achieved $8 million in trading volume within its first 20 minutes, characterizing it as a “healthy start to trading.”
$SSK concluded the day with $33m in volume. It significantly surpasses the Solana futures ETF and XRP futures ETFs (or the average ETF launch) but remains considerably lower than the Bitcoin and Ether spot ETFs. pic.twitter.com/t6LkQwDXLc
— Eric Balchunas (@EricBalchunas) July 2, 2025
Nathan McCauley, co-founder of Anchorage Digital, referred to the launch as a “defining moment” for digital assets, emphasizing its significance in broadening institutional access to crypto staking options.
The ETF’s introduction faced challenges. The Securities and Exchange Commission (SEC) initially expressed concerns in late May, questioning whether the product met the criteria of an “investment company” under federal securities regulations.
REX-Osprey addressed these issues by structuring the fund to allocate at least 40% of its assets in other exchange-traded products, many of which are listed outside the United States.
This regulatory workaround enabled the fund to avoid the typical 19b-4 filing process required for spot crypto ETFs.
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Nate Geraci, president of NovaDius Wealth Management, previously described the strategy as a “regulatory end-around,” a perspective shared by analysts who have discussed whether the fund should be classified as a traditional spot Solana ETF.
yes, although to be fair this is some 400-level ETF technical nerd-ery
— Eric Balchunas (@EricBalchunas) July 1, 2025
Promising Start Fuels Speculation for Spot Solana ETF Approval
The encouraging debut has sparked speculation regarding the potential approval of genuine spot Solana ETFs.
Both Seyffart and Balchunas recently estimated a 95% likelihood that the SEC will approve spot Solana ETFs before the end of the year. Seyffart further noted that a wave of new ETFs, including those linked to XRP and Litecoin, could emerge in the latter half of 2025.
Meanwhile, Solana’s price exhibited limited movement, increasing by 3.6% over the past 24 hours and trading around $153 at the time of reporting.
Despite the ETF launch, SOL remains nearly 48% lower than its peaks earlier this year.
However, Solana CME futures indicated a growing institutional interest, with open interest reaching $167 million following the ETF’s debut, according to data from SolanaFloor.
As previously reported, digital asset investment funds attracted $2.7 billion last week, concluding an 11-week streak of inflows that now totals $16.9 billion.
The majority of the inflows originated from the United States, accounting for $2.65 billion.
Switzerland and Germany saw modest increases of $23 million and $19.8 million, respectively, while Canada, Hong Kong, and Brazil experienced slight outflows.
Bitcoin continued to be the primary draw for capital, attracting $2.2 billion last week, representing a substantial 83% of total inflows, while short-Bitcoin products extended their year-to-date outflows to $12 million.
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