-
The REX-Osprey Solana + Staking ETF (SSK) has launched on the Cboe exchange, pioneering direct exposure to Solana and its staking rewards in a U.S. ETF.
-
SSK’s debut saw robust trading volume and inflows, highlighting growing investor appetite for staking-based cryptocurrency investment vehicles.
-
According to Bloomberg analyst Eric Balchunas, SSK’s spot pricing model offers superior Solana price tracking compared to futures-based ETFs, enhancing transparency and accuracy.
REX-Osprey’s Solana + Staking ETF launches with $33M volume, offering direct SOL exposure and monthly staking rewards, setting a new standard for crypto ETFs.
Innovative ETF Structure Combines Solana Exposure with Direct Staking Rewards
The REX-Osprey Solana + Staking ETF (SSK) represents a significant advancement in cryptocurrency investment products by integrating direct staking rewards with asset price exposure. Registered under the Investment Company Act of 1940, the fund complies with stringent regulatory standards, ensuring investor protection and secure asset custody. Anchorage Digital, the only federally chartered crypto bank authorized to act as both custodian and staking provider, manages the fund’s assets.
Approximately 80% of SSK’s portfolio is allocated to Solana (SOL), with over half of these holdings actively staked through reputable institutional validators such as Galaxy and Figment. This staking approach generates yield that is passed directly to investors via monthly cash distributions, distinguishing SSK from traditional ETFs that do not offer staking rewards. The remaining portfolio includes liquid staking tokens like JitoSOL and other Solana-related exchange-traded products available in international markets, providing diversified exposure within the Solana ecosystem.
Spot Pricing Model Enhances Price Accuracy and Market Transparency
Unlike many cryptocurrency ETFs that rely on futures contracts, SSK employs the CME CF Solana-Dollar Reference Rate to track Solana’s spot price. This methodology reduces tracking error and volatility often associated with futures-based products, offering investors a more precise reflection of Solana’s market value. The spot-based pricing model aligns with investor demand for transparent and reliable pricing mechanisms in crypto asset funds.
The ETF’s launch followed an extensive review process by the U.S. Securities and Exchange Commission (SEC), which initially expressed concerns regarding the fund’s staking methodology and structure. The SEC’s eventual clearance without additional comments signaled regulatory acceptance, potentially paving the way for similar staking-based ETFs. Currently, nine other Solana ETF applications remain under SEC consideration, underscoring the growing interest in staking-enabled crypto investment products.
Market Reception and Implications for Future Crypto ETFs
SSK’s first trading day concluded with an estimated $33 million in volume and $12 million in net inflows, reflecting strong investor interest in innovative crypto ETFs that combine asset appreciation with yield generation. Bloomberg analyst Eric Balchunas noted that SSK’s debut outperformed early trading activity of Solana and XRP futures ETFs, although it did not reach the volume levels seen in Bitcoin and Ethereum spot ETFs launched earlier in 2025.
The fund’s ability to distribute staking rewards monthly enhances its appeal by providing a steady income stream alongside potential capital gains. This feature may influence future ETF designs, encouraging asset managers to incorporate staking mechanisms that benefit investors directly. As regulatory clarity improves, staking-based ETFs like SSK could become a standard offering within the U.S. crypto investment landscape.
Conclusion
The REX-Osprey Solana + Staking ETF marks a milestone in the evolution of cryptocurrency investment products by successfully merging direct staking rewards with spot price exposure under a regulated framework. Its strong market debut and innovative structure set a precedent for future staking-based ETFs, potentially reshaping investor access to yield-generating crypto assets. As the SEC continues to review additional applications, SSK’s performance and regulatory acceptance will likely serve as a benchmark for the next generation of crypto ETFs.
