SSK opened with $33 million in volume and $12 million in inflows, indicating strong early interest in staking-based ETF models.
Around 80% of SSK's assets are tied to SOL, with over half of that portion staked through trusted institutional validators.
The ETF's spot pricing model offers more accurate Solana price tracking compared to traditional futures-based cryptocurrency funds.
The REX-Osprey Solana + Staking ETF officially launched on July 2, 2025, marking the first U.S. exchange-traded fund offering direct exposure to Solana and its staking rewards. Trading under the ticker symbol SSK, the ETF began trading on the Cboe exchange.
The fund concluded its first trading session with an estimated $33 million in volume and reported $12 million in net inflows. According to data shared by Bloomberg analyst Eric Balchunas, the opening day numbers exceeded early activity from Solana and XRP futures ETFs. However, the debut fell below the initial volume levels reached by Bitcoin and Ethereum spot ETFs introduced earlier in the year.
ETF Structure Offers Staking Yield With Price Exposure
Structured under the Investment Company Act of 1940, the fund adheres to strict investor protection and asset custody requirements. Anchorage Digital serves as both the custodian and staking provider for the ETF. The company is the only federally chartered crypto bank approved to perform both roles.
Approximately 80 percent of the ETF’s holdings are allocated to Solana (SOL). Of that allocation, at least half is staked with institutional validators, including Galaxy and Figment. The rest of the portfolio includes liquid staking tokens such as JitoSOL and other Solana-related exchange-traded products listed outside the U.S., particularly in Canadian and European markets.
Spot-Based Pricing Model Enhances Market Tracking
SSK uses the CME CF Solana-Dollar Reference Rate to reflect the actual market price of Solana. This model allows closer price tracking compared to futures-based products, which can experience higher volatility and deviation from spot prices.
The ETF's launch followed months of review by the U.S. Securities and Exchange Commission. The agency previously raised concerns about the fund’s structure and staking method. By June 28, it had issued no further comments, effectively enabling the product to move forward.
The ETF distributes staking rewards to investors through monthly cash payouts. With nine additional Solana ETF applications currently under SEC review, SSK’s structure and performance may influence future staking-based ETF designs in the U.S. market.
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