Solana Staking ETF SSK Launches With $33 Million Volume, 4% Solana Value Increase

The first U.S. Solana staking ETF, REX-Osprey Solana + Staking ETF, was launched on July 2, 2025, under the ticker ‘SSK’ on the Cboe BZX Exchange. This ETF is a significant development in the U.S. crypto investment landscape, as it provides investors with direct spot exposure to SOL and on-chain staking yield, a first for the U.S. ETF market. On its inaugural day, the ETF recorded $33 million in volume and $12 million in inflows, according to an ETF analyst.

SSK is regulated under the Investment Company Act of 1940, ensuring robust investor protection and custody standards. The ETF tracks the CME CF Solana-Dollar Reference Rate, meaning its price is directly tied to SOL’s real-time market performance. Approximately 80% of the fund’s assets are invested in Solana, with at least half of that amount staked through validators like Galaxy and Figment. This staking mechanism generates passive staking rewards, which are distributed as monthly cash dividends, a unique feature that differentiates SSK from futures-based or synthetic products.

The remaining 20% of the fund is allocated to liquid staking tokens such as JitoSOL and SOL-related ETFs listed in other regions, providing diversified Solana staking exposure. Custody and staking operations for the ETF are managed by Anchorage Digital, the first federally chartered crypto bank in the U.S. This regulatory compliance was crucial in securing SEC approval, given the concerns around staking mechanics and asset classification. After months of negotiations between REX Shares, Osprey, and the SEC, the agency cleared the way for SSK’s listing on June 28.

SSK has a total expense ratio of 1.4%, comprising a 0.75% management fee and a 0.65% tax-related expense. While this is higher than most spot Bitcoin or Ethereum ETFs, proponents argue that the integrated staking feature and direct monthly payouts add significant value for long-term holders. The ETF’s launch has already outperformed several altcoin futures ETFs and contributed to a 4% increase in Solana’s value within 24 hours, closing above $150.

There are nine more Solana ETFs awaiting SEC approval from major issuers. SSK may serve as a template for future products that combine spot crypto exposure with yield-generating mechanisms. The launch of SSK is a regulatory breakthrough, offering compliant access to on-chain yield and setting a new standard for altcoin ETFs. As more staking-based products move through the SEC pipeline, SSK’s early success will influence how future crypto products integrate DeFi with traditional frameworks.

SSK is the first U.S. ETF to provide regulated access to a staking-enabled altcoin, potentially changing how investors interact with crypto assets in their brokerage accounts. It follows a series of ETF approvals, including Bitcoin spot, Ethereum spot, and the Grayscale Crypto Index ETF, which covers a basket of leading digital assets. Analysts predict that the approval of SSK could pave the way for staking ETFs on other blockchains, such as Polkadot, Avalanche, and Cardano, as investor demand for yield-based products grows amid macro uncertainty.