On July 2, 2025, the first Solana staking ETF, REX-Osprey SSK, launched in the US, marking a significant event for the crypto investment market.
How the Solana Staking ETF Works
REX-Osprey SSK is registered under the Investment Company Act of 1940, ensuring investor protection and custody standards. The ETF tracks the CME CF Solana-Dollar Reference Rate, linking its price to the real-time market value of SOL. Approximately 80% of the fund's assets are invested in Solana, with at least half staked through validators such as Galaxy and Figment, generating passive staking rewards. These rewards are paid out as monthly cash dividends.
Anchorage Digital: The Institutional Backbone
Custody and staking operations for the ETF are managed by Anchorage Digital, the first federally chartered crypto bank in the US. This was crucial for obtaining SEC approval due to regulatory concerns surrounding staking and asset classification. Following several months of discussions, the SEC raised no further objections, allowing SSK to be listed.
Comparison with Other Investment Products
SSK has a total expense ratio of 1.4%, consisting of a 0.75% management fee and a 0.65% tax on staking rewards. This is higher than most Bitcoin and Ethereum ETFs, which usually charge below 0.5%, but proponents argue that the integrated staking feature and direct monthly payouts provide added value for long-term holders. The ETF also outperformed several altcoin futures ETFs, contributing to a more than 4% increase in Solana's value over 24 hours.
The launch of the Solana staking ETF in the US marks a significant achievement. With $12 million in inflows and a compliant structure under the 1940 Act, SSK sets a new standard for altcoin ETFs. Its success may serve as a template for future products that blend DeFi with traditional investment frameworks.
