First Solana Staking ETF Launches Strong With $12M in Inflows on Opening Day
The newly launched REX-Osprey Solana Staking ETF (ticker: SSK) marked a promising start on its first day of trading, bringing in $12 million in inflows and generating $33 million in trading volume. The ETF, which debuted on the Cboe BZX Exchange on Wednesday, is the first staking-enabled crypto ETF in the United States.
According to Bloomberg ETF analyst Eric Balchunas, the debut was considered a success, especially when compared to previous futures-based crypto ETFs. Fellow analyst James Seyffart described it as a “healthy start to trading,” highlighting that the ETF saw $8 million in volume within the first 20 minutes.
A New Era for Crypto ETFs in the US
The SSK ETF offers investors direct exposure to spot Solana (SOL) along with its staking yields, marking a pivotal milestone in the expansion of regulated crypto investment products. It is also the first ETF in the U.S. to incorporate staking, allowing investors to earn yield on their SOL holdings through the fund.
“The launch of crypto staking ETFs is a defining moment for digital assets and a significant step forward in full access to the crypto ecosystem,” said Nathan McCauley, co-founder of Anchorage Digital, which serves as the fund’s custodian and staking partner.
$SSK ended day with $33m in volume. Again, blows away the Solana futures ETF and XRP futures ETFs (or the avg ETF launch) but it is much lower than the Bitcoin and Ether spot ETFs. pic.twitter.com/t6LkQwDXLc
— Eric Balchunas (@EricBalchunas) July 2, 2025
Despite facing initial resistance from the U.S. Securities and Exchange Commission (SEC) in May, REX-Osprey ultimately navigated regulatory scrutiny by adjusting its structure to invest at least 40% of its assets in other exchange-traded products (ETPs), most of which are based outside the U.S.
Regulatory Innovation and ETF Demand
This regulatory workaround allowed the ETF to launch under the Investment Company Act of 1940, bypassing the usual 19b-4 filing process. While some market observers have debated whether this makes it a true “spot” Solana ETF, analysts widely see it as a significant step toward mainstream crypto adoption.
In fact, analysts Balchunas and Seyffart recently raised the odds of a spot Solana ETF approval to 95% by year-end, along with similar odds for XRP and Litecoin ETFs. They expect a wave of new crypto ETFs to launch in the second half of 2025.
Earlier this week, the SEC approved Grayscale’s conversion of its Digital Large-Cap Fund into an ETF, another indication of softening regulatory resistance toward crypto-focused investment products.
SOL Price and Institutional Momentum
Despite the ETF’s strong debut, SOL’s market price saw only a modest reaction, gaining around 3.6% over 24 hours, and trading at approximately $153 at the time of writing. The token remains 48% below its January peak, despite its weekly gains.
However, institutional interest appears to be growing. According to SolanaFloor, open interest in Solana CME futures hit $167 million, a record level that further reflects rising institutional demand in the wake of the ETF’s launch.
The successful debut of the REX-Osprey Solana Staking ETF could pave the way for broader acceptance of staking-based and spot crypto ETFs — a significant evolution in how institutional investors gain exposure to digital assets.
