TLDR
- REX-Osprey’s Solana staking ETF (SSK) launched with $12M in inflows and $33M in trading volume on its first day
- The fund is the first crypto staking ETF approved in the United States, giving investors exposure to Solana and staking rewards
- Trading volume outperformed recent Solana futures and XRP futures ETF launches but was much lower than Bitcoin and Ethereum ETF debuts
- SOL price rose 4% to trade above $150 following the ETF launch news
- The fund faced SEC regulatory hurdles but got approval by structuring under the Investment Company Act 1940
The United States financial markets witnessed a milestone on Wednesday as the first crypto staking exchange-traded fund began trading. The REX-Osprey Solana Staking ETF, trading under the ticker SSK, raised $12 million in inflows on its debut day.
The fund recorded $33 million in trading volume during its first day on the Cboe BZX Exchange. Bloomberg ETF analyst Eric Balchunas called the launch performance better than the average ETF listing, with $8 million in trading volume occurring within the first 20 minutes.
Volume in $SSK now at $20m, which is really strong, top 1% for a new launch. For context, $SOLZ did $1m on Day One, and that’s pretty good. Also, the $25m in seed assets makes $SSK already bigger than $SOLZ. https://t.co/ibiKxizeeQ
— Eric Balchunas (@EricBalchunas) July 2, 2025
The ETF gives investors direct exposure to spot Solana along with staking yields. This structure allows investors to earn staking rewards without requiring technical knowledge about cryptocurrency staking processes.
Trading volume for the new fund exceeded recent launches of Solana futures ETFs and XRP futures ETFs. However, the volumes remained well below the record-setting launches of spot Bitcoin and Ethereum ETFs in January 2024.
US-listed spot Bitcoin ETFs recorded a combined $4.6 billion worth of shares traded on their first day. The difference highlights the varying levels of institutional interest across different cryptocurrency products.
Regulatory Challenges Overcome
The REX-Osprey fund faced regulatory hurdles with the Securities and Exchange Commission during its approval process. The SEC initially objected to the product in late May after clearing an initial registration.
The main issue centered on whether the product qualified as an “investment company” under securities laws. REX-Osprey resolved this by investing at least 40% of its assets in other exchange-traded products, mostly domiciled outside the United States.
The fund operates under the Investment Company Act 1940, which sidesteps the standard 19b-4 filing process. This structure represents what NovaDius Wealth Management president Nate Geraci described as a “regulatory end-around.”
Some market participants debate whether the fund should be considered a traditional spot Solana ETF. The unique structure sets it apart from conventional cryptocurrency ETF proposals pending SEC approval.
Market Response and Future Outlook
Solana prices showed a modest reaction to the ETF launch, gaining 4% to trade above $150. The cryptocurrency has gained 3.6% over the past 24 hours, though this performance trails most other high-cap altcoins.
SOL remains down 48% from its January peak despite the recent gains. The asset was trading around $153 at the time of writing and showed a 5% increase over the past week.
Solana CME futures experienced record demand following the ETF launch, with open interest hitting $167 million. This activity signals growing institutional interest in Solana-based financial products.
The ETF’s performance provides insight into institutional demand for spot Solana ETFs, which may launch later this year. Bloomberg analysts recently assigned a 95% probability that spot Solana ETFs would receive approval by the end of 2025.
Anchorage Digital serves as the staking and custodian partner for the REX-Osprey ETF. The firm’s co-founder Nathan McCauley called the launch “a defining moment for digital assets.”