First U.S. Solana staking ETF debuts with $33M in volume, $12M in inflows

The first U.S. exchange-traded fund offering exposure to Solana and on-chain staking rewards began trading this week, drawing strong demand in its market debut.

On July 2, 2025, the REX-Osprey Solana + Staking ETF, trading under the ticker SSK, launched on the Cboe exchange. According to Bloomberg ETF analyst Eric Balchunas’ post on X, it ended its first trading day with approximately $33 million in volume and $12 million in inflows.

That performance surpassed early activity in Solana (SOL) and XRP (XRP) futures ETFs but fell short of the record-setting numbers seen in Bitcoin (BTC) and Ethereum (ETH) spot ETFs earlier this year.

SSK is structured under the Investment Company Act of 1940, a law that establishes stricter guidelines for investor protection and custody. Anchorage Digital, the only federally chartered cryptocurrency bank authorized to both custody and stake assets, is the ETF’s custodian and staking partner.

The fund tracks the price of Solana while generating additional yield through staking, with monthly cash payouts passed directly to investors. Roughly 80% of the ETF’s assets are allocated to SOL. At least half of that is staked using institutional validators such as Galaxy and Figment.

The remainder is made up of liquid staking tokens like JitoSOL and other SOL-related exchange-traded products listed in Canada and Europe. Compared to futures-based products, SSK’s spot pricing model, which is based on the CME CF Solana-Dollar Reference Rate, ensures a closer tracking of SOL’s actual market price.

The launch finally took place following months of back and forth with the U.S. Securities and Exchange Commission. The agency initially voiced concerns regarding fund classification and staking mechanisms, but by June 28, it had issued no further comments, essentially permitting the ETF to move forward.

With nine other Solana ETF applications under review and more staking-based products expected, SSK’s launch could influence the direction of cryptocurrency ETFs in the US, particularly those that use staking to generate passive income.