Solana ETF SSK Debuts with $33 Million Trading Volume

The REX-Osprey Solana + Staking ETF (SSK) has made a significant impact on the U.S. crypto markets with its debut, offering investors direct exposure to Solana and on-chain staking rewards. This innovative ETF combines spot pricing with staking yield, providing a unique investment opportunity that blends potential price appreciation with passive income.

SSK began trading on July 2, 2025, on the Cboe exchange. The ETF's structure is designed to offer monthly cash payouts derived from staking yields, a feature that sets it apart from traditional crypto ETFs. On its first day of trading, SSK recorded approximately $33 million in trading volume and $12 million in inflows. This performance indicates a strong market interest in diversified crypto products that offer both price exposure and yield generation.

SSK is structured under the Investment Company Act of 1940, ensuring enhanced regulatory oversight and investor protections. Anchorage Digital, a federally chartered cryptocurrency bank, serves as the ETF’s custodian and staking partner. This partnership ensures secure asset custody and professional management of staking operations. Approximately 80% of the ETF’s assets are allocated to SOL tokens, with at least half actively staked through reputable institutional validators. The remaining assets include liquid staking derivatives and other SOL-related exchange-traded products, providing liquidity and diversification within the fund’s portfolio.

Unlike futures-based ETFs, which can experience tracking discrepancies, SSK employs a spot pricing model anchored to the CME CF Solana-Dollar Reference Rate. This approach ensures that the ETF closely mirrors Solana’s actual market price, enhancing transparency and reducing tracking error. The combination of spot price exposure and staking rewards positions SSK as a compelling option for investors seeking both capital appreciation and passive income from their crypto holdings.

The launch of SSK follows an extended review process by the U.S. Securities and Exchange Commission (SEC), which initially expressed concerns regarding fund classification and the mechanics of staking within an ETF structure. However, by late June 2025, the SEC ceased further commentary, effectively greenlighting the fund’s debut. This regulatory clearance is significant, as it signals a growing acceptance of staking-based investment vehicles within the U.S. regulatory framework. With additional Solana ETF applications currently under SEC review and more staking-focused products anticipated, SSK’s successful launch may influence regulatory approaches and investor demand for similar offerings in the near future.

The REX-Osprey Solana + Staking ETF represents a pioneering development in the U.S. cryptocurrency market by integrating spot Solana exposure with on-chain staking rewards under a regulated framework. Its strong initial trading performance and innovative structure highlight increasing investor interest in diversified crypto products that generate passive income. As regulatory clarity improves and more staking-based ETFs enter the market, SSK’s launch could serve as a benchmark for future crypto investment vehicles, offering investors new opportunities to participate in the evolving digital asset ecosystem.