The REX-Osprey Solana + Staking ETF (SSK) launched on the Cboe exchange, marking a significant milestone for cryptocurrency investment products with its innovative approach to Solana exposure.
Trading under the ticker SSK, the fund generated approximately $33 million in volume and $12 million in inflows on its first trading day. While not matching the record-setting performances of Bitcoin and Ethereum ETFs, the debut signals growing institutional interest in Solana-based investment vehicles.
Structured under the Investment Company Act of 1940, the ETF provides robust investor protections. Anchorage Digital, the only federally chartered cryptocurrency bank authorized to custody and stake assets, serves as the ETF's custodian and staking partner.
The fund offers a unique value proposition by tracking Solana's price while generating additional yield through staking. Approximately 80% of the ETF's assets are allocated to SOL, with at least half staked through institutional validators like Galaxy and Figment. Monthly cash payouts are passed directly to investors.
The launch followed months of careful negotiations with the U.S. Securities and Exchange Commission. After initial concerns about fund classification and staking mechanisms, the SEC ultimately permitted the ETF to proceed by June 28.
A Different Pricing Model
Unlike futures-based products, SSK utilizes a spot pricing model based on the CME CF Solana-Dollar Reference Rate, ensuring closer tracking of SOL's actual market price. The fund also incorporates liquid staking tokens and SOL-related exchange-traded products from Canada and Europe.
With nine additional Solana ETF applications under review, SSK's debut could significantly influence the direction of cryptocurrency ETFs in the United States, particularly those exploring staking as a method of generating passive income.
Looking Ahead: The innovative structure represents a new approach to cryptocurrency investment, bridging traditional financial products with the emerging digital asset ecosystem.
