On July 2, 2025, the REX-Osprey Solana + Staking ETF (SSK) officially launched on the Cboe exchange becoming the first U.S.-listed ETF offering exposure to Solana (SOL) with staking rewards. The debut drew immediate attention, not just for its novel structure, but for what it signals: a turning point in crypto investing where staking-based yield products are now accessible to traditional equity investors.
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With $12 million in day-one inflows and $33 million in trading volume, SSK had what analysts called a “healthy start to trading,” indicating strong market appetite for altcoin staking vehicles.

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A First-of-Its-Kind Offering: Spot SOL Exposure + Staking Rewards

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The REX-Osprey Solana + Staking ETF gives investors direct exposure to the price movements of Solana while simultaneously earning staking rewards. About 80% of the fund is allocated to SOL, with half of those tokens actively staked at an estimated annual yield of 7.3%. Unlike traditional futures-based crypto ETFs, this product focuses on spot exposure and real token yield—something previously unavailable in U.S.-listed ETFs.
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Staking rewards are passed directly to investors, and neither REX Shares nor Osprey Funds retains any portion. This model has drawn attention from retail and institutional investors seeking more efficient access to blockchain rewards without managing wallets or validators.

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Custody and Compliance: Anchorage Digital at the Core

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SSK uses Anchorage Digital—the first federally chartered crypto bank—as both custodian and staking agent. This is a critical element, as regulatory scrutiny around staking and asset security has been a major barrier to past ETF proposals.
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Anchorage CEO Nathan McCauley called the launch “a defining moment for digital assets,” adding:
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“Staking is the next chapter in the crypto ETF story.”
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The fund is registered under the Investment Company Act of 1940, offering investors a familiar regulatory structure and added protections. Its unique approach—allocating at least 40% to other ETPs—helped sidestep the traditional 19b-4 SEC approval process, allowing the ETF to launch ahead of any formal spot Solana ETF approval.

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Launch Day Performance and Market Reaction

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• Opening Price: $25.47
  
  
• Closing Price: $25.90
  
  
• Net Asset Value (NAV): $25.54
  
  
• Assets on Day One: $12.3 million
  
  
• Shares Outstanding: 475,000
  
  
• Staking Reward Rate: 7.3%
  
  
• Management Fee: 0.75%
  
  
• Total Annual Expenses: 1.40%
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Solana itself rose about 5% on the day of the launch, trading in the $153–$155 range after falling nearly 8% the day before. The uptick, combined with rising open interest in Solana CME futures (now at $167 million), suggests growing institutional interest around SOL as a stakeable asset.

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Regulatory Hurdles and the Road to Approval

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The ETF faced SEC objections earlier in 2025, largely focused on whether staking-based funds could qualify as regulated investment companies. The breakthrough came in May, when the SEC allowed the structure to proceed under the 1940 Act after adjustments were made—including diversified holdings and integration of non-U.S. ETPs.
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This greenlight paves the way for future staking-based ETFs and has already fueled speculation about broader altcoin ETF approvals. Bloomberg analysts Eric Balchunas and James Seyffart recently raised their odds of Solana, XRP, and Litecoin spot ETFs being approved in the U.S. before year-end to 95%.

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SSK is not just another crypto ETF—it’s a structural innovation. While U.S. investors have had access to spot Bitcoin and Ethereum ETFs since 2024, those funds excluded staking. SSK changes that by offering:
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• Yield + Exposure: Investors gain not just price appreciation but yield from network participation.
  
  
• Custodial Safety: Assets are held with a federally regulated crypto bank.
  
  
• Regulatory Clarity: Fund structure aligns with the SEC’s standards for investment companies.
  
  
• Diversification of Crypto Products: A gateway to altcoin staking in public markets.
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For investors hesitant to self-custody or engage in on-chain staking, this product opens the door to passive crypto income—packaged in a familiar ETF wrapper.

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Risks to Consider
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Despite its innovation, SSK is not risk-free. Investors should be aware of the following:
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• Crypto Volatility: SOL is a volatile asset that can swing dramatically.
  
  
• Concentration Risk: The ETF is heavily concentrated in a single digital asset.
  
  
• Staking Risks: Includes risks of validator slashing or changes to the staking model.
  
  
• Custody and Cybersecurity: Risks related to Anchorage Digital’s custody platform.
  
  
• New Fund Risk: As a new product, long-term liquidity and performance are untested.
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The launch of the REX-Osprey Solana + Staking ETF marks a new chapter in the evolution of crypto investing. By bridging staking yield with SEC-compliant fund structures, it delivers something no other U.S. ETF has before: blockchain rewards with institutional guardrails.
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As more products like this come to market, investors are gaining access to increasingly diverse ways to participate in crypto without sacrificing regulatory oversight. SSK may be the first—but it likely won’t be the last.