On Wednesday, July 2, 2025, the REX-Osprey Solana + Staking ETF (ticker SSK) made its debut on the Cboe BZX Exchange. By the close of trading, $33 million had changed hands and $12 million in net inflows had boosted assets under management, a first for an ETF offering both spot exposure to Solana (SOL) and staking yield.
A solid start for the SSK ETF
Staking goes public. On Wednesday, July 2, the REX-Osprey Solana + Staking ETF (ticker SSK) made its debut on the Cboe BZX Exchange with $33 million traded on its first day and $12 million in net inflows.
It was a remarkable launch for this first US ETF combining spot exposure to Solana (SOL) and staking returns. To launch it, REX Shares, already behind memecoin ETFs, partnered with Osprey Funds, known for its more institutional crypto products.
Although it is still a long way from the Bitcoin ETF’s spectacular launch in 2024, the SSK ETF is well ahead of recent Solana and XRP futures ETFs. Analyst Eric Balchunas welcomed the launch on X:
$SSK outperforms Solana and XRP futures ETFs, but remains below Bitcoin and Ether spot ETFs.
His colleague James Seyffart spoke of a “healthy start,” highlighting $8 million traded in the first 20 minutes.
On the asset side, the issuer’s website showed $12.3 million under management at the end of trading, representing 475,000 shares at a closing price of $25.90. The fund is fully staked: on-chain rewards (estimated at around 7.3% per annum) will be redistributed to holders each month. Until now, no US crypto ETF offered on-chain returns. SSK is shaking things up with a hybrid approach and innovative regulatory architecture.
A unique architecture to circumvent SEC roadblocks
SSK opens up a new category of regulated and productive crypto ETFs. This could put pressure on traditional issuers such as BlackRock and Grayscale.
According to Nathan McCauley, co-founder of Anchorage:
Staking is the next chapter in the history of crypto ETFs. This launch opens up full, regulated access to the ecosystem.
However, staking poses a regulatory headache: for the SEC, these revenues could tip ETFs into another, more restrictive category of financial products.
Until now, all crypto ETFs have avoided this mechanism, despite the returns generated on-chain.
To maintain this status, the fund invests at least 40% of its assets in Solana ETPs listed outside the United States, while directly holding and staking SOL via Anchorage Digital, the only federal bank authorized to provide both custody and staking services.
This “regulatory workaround” structure comes as the SEC is reviewing other filings, including the recent approval of a Grayscale ETF.
