The inaugural Solana staking exchange-traded fund (ETF) in the United States concluded its first trading day with impressive figures, registering $12 million in inflows and $33 million in total volume, showcasing a robust entry into the market for staking-focused cryptocurrency ETFs.
Key Highlights:
The U.S. Solana staking ETF commenced trading with $12 million in inflows and $33 million in volume.
Initial trading volumes exceeded those recorded by previous Solana and XRP futures ETFs.
REX-Osprey successfully maneuvered through SEC challenges, circumventing the conventional spot ETF approval process.
Trading under the ticker SSK, the REX-Osprey Solana Staking ETF was launched on the Cboe BZX Exchange on Wednesday. This fund allows investors to gain exposure to Solana (SOL) while benefiting from staking yields, marking it as the first ETF in the country to fuse spot Solana exposure with staking rewards.
Solana Staking ETF Surpasses Futures Platforms
Bloomberg ETF analyst Eric Balchunas noted that the ETF’s opening trading volumes exceeded those seen by previously launched Solana and XRP futures ETFs. However, the debut fell short when compared to the remarkable launches of spot Bitcoin and Ether ETFs, which collectively saw $4.6 billion in shares traded on their inaugural day in January 2024.
James Seyffart from Bloomberg highlighted that the ETF experienced an impressive trading volume of $8 million within the first 20 minutes, describing it as a “healthy start to trading.”
$SSK ended the day with $33 million in volume. This figure far surpasses the Solana futures ETF and XRP futures ETFs (and generally the average for ETF launches), yet it remains significantly lower than the Bitcoin and Ether spot ETFs.
— Eric Balchunas (@EricBalchunas) July 2, 2025
Nathan McCauley, co-founder of Anchorage Digital, characterized this launch as a “defining moment” for digital assets, emphasizing its potential to broaden institutional access to cryptocurrency staking.
Despite this achievement, the ETF faced its share of challenges. The Securities and Exchange Commission (SEC) raised concerns in late May regarding whether the product conformed to the definition of an “investment company” under federal securities regulations.
In response, REX-Osprey crafted the fund to allocate at least 40% of its assets to other exchange-traded products, many of which are international. This strategic restructuring allowed the fund to bypass the traditional 19b-4 filing process generally necessary for spot crypto ETFs.
Nate Geraci, president of NovaDius Wealth Management, previously regarded the approach as a “regulatory end-around,” a sentiment echoed by analysts debating the classification of the fund as a conventional spot Solana ETF.
yes, although to be fair this is some 400-level ETF technical nerd-ery
— Eric Balchunas (@EricBalchunas) July 1, 2025
The Strong Start Ignites Speculations for Spot Solana ETF Approval
The promising launch has sparked speculation about the potential approval of true spot Solana ETFs. Both Seyffart and Balchunas have recently suggested a 95% likelihood that the SEC will greenlight spot Solana ETFs before the end of the year. Seyffart also indicated that an influx of new ETFs, including products linked to XRP and Litecoin, could be on the horizon in the latter half of 2025.
Meanwhile, the price of Solana showed modest gains, increasing by 3.6% over the past 24 hours, trading near $153 at the time of this writing. Nonetheless, despite the ETF launch, SOL continues to be approximately 48% lower than its peaks earlier this year.
In addition, Solana CME futures demonstrated a growing institutional interest, with open interest hitting $167 million following the ETF’s launch, according to data sourced from SolanaFloor.
As reported, digital asset investment funds attracted $2.7 billion last week, culminating an 11-week streak of inflows that have now reached $16.9 billion. The majority of these inflows originated from the U.S., accounting for $2.65 billion. In contrast, Switzerland and Germany saw modest inflows of $23 million and $19.8 million, respectively, while Canada, Hong Kong, and Brazil experienced slight outflows.
Bitcoin remained the most significant draw for capital, amassing $2.2 billion last week, which represents a substantial 83% of total inflows, while short-Bitcoin products extended their year-to-date outflows to $12 million.
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