A new milestone is being reached in the cryptocurrency market. According to a report by Bloomberg citing anonymous sources, the first exchange-traded fund (ETF) providing Solana (SOL) staking returns, developed by REX Shares and Osprey Funds, will begin trading in the US on Wednesday, July 2. Listed under the ticker symbol “SSK,” this ETF offers investors the opportunity to generate income not only from Solana price movements but also from block rewards earned through staking. In this regard, the fund holds the title of the first stakable cryptocurrency ETF in the U.S.
Overcoming legal hurdles: The C-Corp structure
This product was designed with a different legal structure to bypass SEC approval processes. Unlike traditional ETFs, REX-Osprey ETFs are structured as taxable C-corporations (C-Corps). Under this model, staking rewards are taxed within the fund before being distributed to investors and then reflected as dividends. This structure reduces the risk of the fund not being recognized as an investment company by the SEC, thereby paving the way for market entry.
The SEC had previously issued warnings that REX and Osprey's ETF did not comply with legal requirements. However, the fund's commitment to invest at least 40% of its assets in other Solana-based ETFs and ETPs outside the US enabled these concerns to be overcome. According to sources speaking to Bloomberg, the fund has officially received approval to launch.
Strahinja Savic, data analytics director at FRNT Financial, noted that this development is a sign of the deepening integration between traditional capital markets and the crypto economy. Savic noted that the SEC's more lenient stance toward crypto since the Trump administration took office has made it easier for such products to enter the market. “Crypto is no longer a pariah asset class; it is becoming an integrated part of public markets,” he said.
The SSK ETF offers a different alternative to existing Solana-based products in the market. Previously listed Volatility Shares Solana ETF (SOLZ) and its leveraged version SOLT focused solely on futures contracts. However, the new ETF stands out as a more attractive option for investors seeking direct access to staking income.
Impact on prices remained limited
In response to the news, the Solana price rose by 5% within minutes, climbing from $150 to $158. However, this increase was not sustained, and the price quickly dropped back to $152. Solana, which has gained 7% in value over the past week, has declined by approximately 50% since reaching its peak at the beginning of the year amid the meme coin craze. It also fell below the $170 peak reached at the beginning of June.
