Solana’s first staking ETF starts strong with $33M on day one

A new cryptocurrency investment fund has made a strong start in the United States. The REX-Osprey Solana + Staking ETF (SSK) began trading this week and reached $33 million in volume on its first day.

This is the first staking-based crypto ETF approved in the US and offers investors a new way to earn income from Solana ($SOL) without needing technical knowledge.

SSK is different from other crypto ETFs. It gives direct access to Solana and adds staking rewards. All Solana held in the fund is staked, and investors receive the staking rewards each month. This launch marks a step forward for crypto investments in the US.

The ETF trades on the Cboe BZX exchange under the ticker SSK. On its first day, it brought in $33 million in trading and $12 million in new money. Bloomberg ETF expert, Eric Balchunas, said this made it one of the best-performing ETF launches, ranking in the top 1% of all new funds.

He also pointed out that this ETF did much better than earlier crypto ETFs tied to Solana and XRP futures. While it didn’t match the size of Bitcoin or Ethereum ETF launches, it showed strong interest from investors. 

Another Bloomberg analyst, James Seyffart, noted that $8 million was traded in just the first 20 minutes.

At the time of launch, Solana’s price was around $155.80, a 4.3% rise for the day. However, it is still well below its all-time high of $293.31 in January 2025. Even so, the ETF launch showed that interest in Solana remains high.

One reason for the fund’s success is its unique structure. To get approval, the fund was set up under the Investment Company Act of 1940. 

This required the ETF to place more than 40% of its assets in foreign-listed Solana ETPs. This move helped the fund meet US rules while giving similar exposure to spot Solana.

Anchorage Digital is the fund’s partner for custody and staking. It is the only federally approved crypto bank in the U.S. and made sure the ETF followed all legal standards. 

Anchorage co-founder, Nathan McCauley, called the launch “a major step forward in giving institutions full access to the crypto ecosystem in a regulated package”.

More interest in Solana grows

The ETF was not the only sign of growing demand for Solana. On the same day, open interest in Solana futures on the CME reached a record high of $167 million. That’s a 13% increase, showing rising interest from institutions.

CME offers two kinds of Solana futures: standard contracts with 500 SOL and micro contracts with 25 SOL. These are settled in cash, not in Solana tokens. This makes it easier for large investors to get involved without owning the asset directly.

The rise in open interest suggests that many investors want to gain exposure to Solana in regulated ways. 

While this can bring more money into the market, it also means there could be more price swings. Leveraged futures can lead to fast moves when large positions are adjusted.

The ETF and futures activity both point to Solana becoming more popular with large investors. The ETF may also grow quickly. Balchunas estimated that SSK could hit $10 million in assets under management (AUM) by its second day.

So far, the ETF has already collected $1 million in AUM, just from its first day. These early signs show strong demand and could attract even more investment in the days ahead.

The ETF’s success also comes alongside another big announcement. Defi Development Corp (DFDV) said it had raised $112.5 million through a convertible note sale. 

The money will be used to buy more Solana and run a stock repurchase programme. This move underlines growing confidence in Solana as part of regulated finance.

What comes next for crypto ETFs?

Even though this ETF made it to market, getting approval was not easy. The US Securities and Exchange Commission (SEC) has not yet given clear rules for crypto ETFs with staking. 

The only funds that get approved are the ones that can meet stricter standards, like those in the 1940 Act.

Unlike many other ETFs that try to simulate staking or only offer yield through other means, SSK directly stakes all of its Solana holdings. 

Investors receive the actual staking rewards in the form of monthly payments. This makes the ETF different from others that give only partial exposure.

The SEC is still cautious about approving more crypto ETFs. On the same day that the Solana ETF launched, the SEC said that a newly approved Grayscale ETF would be placed “under review”. This shows that regulators are still unsure about how to handle crypto funds.

Still, many believe more crypto ETFs will be approved soon. Bloomberg analysts Balchunas and Seyffart think there is a 95% chance that spot ETFs for Solana, XRP, and Litecoin will be approved by the end of 2025. “We expect a wave of new ETFs in this second half of 2025”, said Seyffart.

If this turns out to be true, more crypto products could soon be available to US investors. The success of the SSK ETF may encourage other companies to bring similar products to market.

McCauley believes this is just the beginning. “This launch marks a major step forward. It gives institutions full access to the crypto ecosystem in a regulated package”, he said.

SSK’s use of native staking, its compliance with US laws, and support from a federally approved custodian make it a model for future funds. It could set a new standard for how crypto ETFs are built.

In time, we may see similar funds for Ethereum, Polkadot, or Cosmos. These products could also offer staking rewards and give investors a way to earn passive income from crypto assets without dealing with wallets or on-chain activity.

For now, the REX-Osprey Solana + Staking ETF stands as a milestone. It shows how decentralised finance and traditional investing can come together. 

As interest grows and more rules become clear, this ETF could lead the way for the next wave of crypto investment products.