The First Solana Staking ETF in the US: All You Need to Know | BSCN (fka BSC News)

On July 2, 2025, the REX-Osprey Solana + Staking ETF, trading under the ticker SSK, made its debut on the Cboe BZX Exchange in Chicago. This launch marks the first U.S.-listed ETF to offer direct exposure to Solana (SOL) and its native staking rewards.

After the successful arrival of Bitcoin and Ethereum spot ETFs, Solana is the third major cryptocurrency to enter the ETF arena

With a market cap of around $81 billion, Solana is already a staple in crypto portfolios. Now, the launch of the SSK ETF allows both retail and institutional investors to participate in its growth and earn passive income—all through a familiar brokerage account.

What Is the REX-Osprey Solana + Staking ETF?

The REX-Osprey SOL and Staking ETF (SSK) offers a unique combination of spot Solana exposure and staking rewards. Jointly developed by REX Shares and Osprey Funds, the product is designed to give traditional investors access to Solana without the need to manage private keys, download wallets, or interact with crypto exchanges.

The ETF is structured to pass 100% of staking rewards directly to investors. It does not use derivatives, avoiding the price distortion found in futures-based products. Instead, it uses a spot pricing model based on the CME CF Solana-Dollar Reference Rate, ensuring accurate tracking of SOL’s market value.

The fund’s structure includes:

• 80% direct SOL exposure, with over half of that amount staked through institutional validators like Galaxy and Figment.
• 40% of total assets are allocated to SOL-staking exchange-traded products listed in international markets.
• A smaller allocation goes to liquid staking tokens such as JitoSOL.

Monthly Yield for Investors

SSK is not just about price exposure. It also distributes variable monthly dividends, currently offering an annualized staking yield of 7.3%. The yield comes from staking activities on the Solana network. Unlike many ETFs, REX and Osprey take no cut of the staking rewards—every penny is passed on to the investor.

This setup gives traditional investors a direct path to participate in blockchain-native passive income—a feature typically only accessible to crypto-native users.

Healthy First Day Performance

On its first day of trading, SSK saw a volume of $33 million and $12 million in inflows, according to Bloomberg ETF analyst Eric Balchunas. That debut outpaced the initial trading volumes of Solana and XRP futures ETFs, though it fell short of the numbers posted by Bitcoin and Ethereum ETFs earlier this year.

ETF analyst James Seyffart called it a “healthy start,” noting $8 million in trading volume within the first 20 minutes alone. The early figures show strong market interest in staking-based ETFs, particularly ones that integrate both income generation and price tracking.

Regulatory Structure and SEC Green Light

The REX-Osprey ETF is structured under the Investment Company Act of 1940, a framework known for its stricter rules on custody, investor protection, and transparency. That’s a key reason why the product was able to bypass the 19b-4 filing process usually required for spot crypto ETFs.

The SEC initially raised questions around the classification and mechanisms of staking within the fund. However, by June 28, it had issued no further comments, effectively allowing the ETF to launch without objection.

Anchorage Digital, the only federally chartered crypto bank, is both the custodian and staking partner for the fund.

Why This Matters for Crypto and Wall Street

The launch of SSK represents a major shift in how crypto intersects with traditional finance. Until recently, staking SOL meant navigating technical interfaces, managing wallet security, and risking exposure to protocol risks. Now, SSK brings those staking rewards into a regulated ETF format, available through platforms like Charles Schwab or Fidelity.

This could prove especially valuable for institutional investors, who have long demanded compliant, tax-advantaged, and transparent access to digital assets.

CEO of REX Financial Greg King called the launch a pioneering expansion of how securities investors can tap into blockchain yield

"With SSK, we’re giving investors Solana staking rewards in a familiar ETF format—something that’s never been done before in the U.S. market,” he said.

What Comes Next?

Currently, nine other Solana ETF applications are under review. Many of them aim to offer spot-only exposure, but SSK’s staking-first structure could set a new standard.

Analysts James Seyffart and Eric Balchunas predict a wave of crypto ETF approvals in late 2025, including spot ETFs for Solana, XRP, and Litecoin. If those predictions hold, SSK may serve as the blueprint for future staking-enabled ETFs.