The first Solana staking exchange-traded fund (ETF) in the United States wrapped up its debut trading session with $12 million in inflows and $33 million in volume, marking a strong start for staking-focused crypto ETFs.
Key Takeaways:
The first US Solana staking ETF launched with $12 million in inflows and $33 million in volume. Opening day trading volumes topped earlier Solana and XRP futures ETFs. REX-Osprey’s creative fund structure overcame SEC hurdles, avoiding the standard spot ETF approval process.The REX-Osprey Solana Staking ETF, trading under the ticker SSK, launched Wednesday on the Cboe BZX Exchange.
The fund offers investors exposure to Solana (SOL) while providing staking yields, positioning it as the first ETF in the U.S. to combine spot Solana exposure with staking rewards.
Solana Staking ETF Outpaces Futures Funds
According to Bloomberg ETF analyst Eric Balchunas, the ETF’s opening day volumes surpassed those seen by earlier Solana and XRP futures ETFs.
However, they fell short of the explosive debuts of spot Bitcoin and Ether ETFs, which together recorded $4.6 billion in shares traded on their first day in January 2024.
Bloomberg’s James Seyffart noted the ETF saw $8 million in trading volume within its first 20 minutes, describing it as a “healthy start to trading.”
Anchorage Digital co-founder Nathan McCauley called the launch a “defining moment” for digital assets, highlighting its role in expanding institutional access to crypto staking opportunities.
The ETF’s launch was not without hurdles. The Securities and Exchange Commission (SEC) initially raised objections in late May, questioning whether the product qualified as an “investment company” under federal securities laws.
REX-Osprey navigated these challenges by structuring the fund to invest at least 40% of its assets in other exchange-traded products, many of which are listed outside the United States.
The regulatory workaround allowed the fund to avoid the traditional 19b-4 filing process typically required for spot crypto ETFs.
Nate Geraci, president of NovaDius Wealth Management, previously described the strategy as a “regulatory end-around,” a view shared by analysts who have debated whether the fund should be classified as a conventional spot Solana ETF.
Strong Start Sparks Hopes for Spot Solana ETF Approval
The promising debut has fueled speculation about the potential approval of true spot Solana ETFs.
Both Seyffart and Balchunas recently estimated a 95% chance that the SEC will approve spot Solana ETFs before the year ends. Seyffart added that a wave of new ETFs, including products tied to XRP and Litecoin, could arrive in the second half of 2025.
Meanwhile, Solana’s price saw muted movement, gaining 3.6% over the past 24 hours and trading around $153 at press time.
Despite the ETF launch, SOL remains down nearly 48% from its highs earlier this year.
However, Solana CME futures showed rising institutional appetite, with open interest reaching $167 million after the ETF’s debut, according to data from SolanaFloor.
As reported, digital asset investment funds pulled in $2.7 billion last week, capping an 11-week streak of inflows that now totals $16.9 billion.
The bulk of the inflows came from the United States, accounting for $2.65 billion.
Switzerland and Germany recorded modest additions of $23 million and $19.8 million, respectively, while Canada, Hong Kong, and Brazil posted small outflows.
Bitcoin remained the primary magnet for capital, drawing $2.2 billion last week, a commanding 83% of total inflows, while short-Bitcoin products extended their year-to-date outflows to $12 million.
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