- The first staking ETF is set to begin trading today, through Solana
- The fund, launched by REX Shares and Osprey Funds, will offer investors both SOL exposure and staking rewards
- Its C-corporation structure enables it to distribute staking yield without breaching existing investment fund regulation
The first U.S. exchange-traded fund (ETF) tied to staked Solana is launching today, marking a significant step in the evolution of crypto investment products. The REX Shares SOL + Staking ETF (ticker: SSK) offers both price exposure to SOL and rewards from staking, making it the first ETF in the country to do so under current regulatory frameworks. The fund’s structure is being closely watched as a potential model for future staking-enabled ETFs tied to Ethereum and other assets.
40% of SOL Will be Staked
The ETF will invest roughly 80% of its assets in Solana, with about half of those tokens actively staked to earn yield on-chain; the remainder of the portfolio will include cash, short-term treasuries, and exchange-traded products. Unlike traditional 1940 Act mutual funds or ETFs, SSK is structured as a C-corporation, allowing it to sidestep tax and distribution complications while still falling under the familiar oversight of the Investment Company Act.
“The structure we’ve chosen allows us to provide staking exposure without triggering regulatory conflicts,” said Greg King, CEO of Osprey Funds, in a statement ahead of the launch. The SEC did not object to the inclusion of staking within the ETF, issuing a “no further comments” notice that effectively cleared the way for its debut. Bloomberg ETF analyst Eric Balchunas called the move “a watershed moment,” highlighting that it was the first time staking rewards were being incorporated into a U.S.-regulated ETF product:
The Rex-Osprey Sol + Staking ETF $SSK is officially set to launch on Wed, as reported by @isabelletanlee, and will be the first to stake in US. 40% of its holdings will be “securities” via other Sol ETPs (to qualify under 40 Act) and fee is 75bps but 1.28% once tax expense from… pic.twitter.com/jDK6onqYsG
— Eric Balchunas (@EricBalchunas) June 30, 2025
SEC Takes Shine to Solana
Solana’s price rose in the lead-up to the launch, with investors anticipating increased institutional demand, although it dropped along with Bitcoin yesterday. Analysts at several research firms have said the ETF will serve as a litmus test for the viability of staking-based investment products in U.S. markets; a strong debut could accelerate the SEC’s review of other similar products, including those tied to Ethereum, which has long been the subject of staking-related regulatory scrutiny.
While the SEC has historically taken a cautious stance toward staking, especially when offered through centralized platforms, this ETF represents a new path forward, one that blends decentralized finance mechanisms with traditional asset structures. With at least nine other Solana-related ETF proposals on file, today’s launch may serve as a precedent that shapes the next generation of crypto investment vehicles, with Solana clearly ticking the right boxes ahead of Ethereum.
