Solana Makes History: First U.S. Staking ETF (SSK) Rakes in $33M on Day One – Here’s Why It’s a Game-Changer
- Wait, a Staking ETF Actually Exists Now?
- How’d They Pull This Off With the SEC Breathing Down Their Necks?
- Why Should Traders Care About Some Niche ETF?
- FAQ: Your Burning Questions Answered
The REX-Osprey Solana + Staking ETF (SSK) just dropped like a mic in the crypto ETF space, pulling in $33M in trading volume and $12M in net inflows on its July 2nd debut. This hybrid beast combines spot Solana (SOL) exposure with staking rewards – a first for U.S. regulated ETFs. While it didn’t match bitcoin ETF launch numbers, it smoked recent Solana/XRP futures ETFs. Anchored by a slick regulatory workaround (hello, 1940 Act!), SSK could pressure big players like BlackRock to up their staking game. Buckle up – we’re breaking down why this changes everything.
Wait, a Staking ETF Actually Exists Now?
Yep, and it’s got more layers than a crypto winter wardrobe. The SSK ETF isn’t just holding SOL – it’s actively staking through Anchorage Digital (the only federally chartered crypto bank doing custody + staking). That means investors get:
- Spot price exposure to Solana
- Estimated 7.3% annual staking rewards (paid monthly)
- All wrapped in a SEC-compliant package
Analyst Eric Balchunas nailed it on X:
"$SSK’s crushing Solana/XRP futures ETFs but still trails Bitcoin/ETH spot ETFs." Meanwhile, James Seyffart noted $8M traded in just the first 20 minutes – not too shabby for an altcoin product.
How’d They Pull This Off With the SEC Breathing Down Their Necks?
Here’s where it gets spicy. Instead of using the standard 19b-4 ETF approval route (like Bitcoin ETFs), SSK registered under the 1940 Investment Company Act. This let them:
| Traditional Crypto ETF | SSK’s Hack |
|---|---|
| No staking (SEC says it’s a security) | Stakes via offshore entity |
| Direct SEC oversight | Uses Anchorage as compliant custodian |
| Basic spot exposure | Hybrid staking+spot model |
Nathan McCauley from Anchorage put it best:"This is crypto ETFs’ next chapter – regulated access to full ecosystem rewards."
Why Should Traders Care About Some Niche ETF?
Let’s talk numbers. At closing on Day 1:
- 475,000 shares outstanding
- $25.90 closing price
- 100% of SOL staked (no lazy bags here)
Compared to other crypto ETFs (per TradingView data):
The BTCC team notes this could force legacy issuers to innovate: "When Grayscale’s next filing includes staking, remember where it started."
FAQ: Your Burning Questions Answered
How does SSK’s staking actually work?
The ETF’s SOL holdings are staked through Anchorage Digital’s infrastructure. Rewards are calculated on-chain (approx. 7.3% APY) and distributed monthly after deducting the 0.85% management fee.
Is this safer than staking SOL myself?
For institutional players? Absolutely. You’re getting:
- SEC-regulated structure
- Professional custody (bye-bye, hot wallet anxiety)
- Tax documentation simplicity
Will more staking ETFs follow?
Almost certainly. As one BTCC analyst quipped: "Wall Street hates leaving yield on the table. Now that SSK proved the model works, expect copycats by Christmas."
