The U.S. financial landscape is set for a groundbreaking shift as Rex-Osprey announces the launch of the nation’s first staked Solana ETF on July 2, 2025. This innovative investment vehicle, the REX-Osprey™ SOL + Staking ETF (ticker: SSK), marks a pivotal moment in crypto finance by combining direct exposure to Solana (SOL) with the ability to earn staking rewards—something no other U.S.-based ETF has previously offered.
👉 Discover how this new ETF could redefine crypto investing in 2025.
A New Era in Crypto ETFs: Combining Exposure and Yield
Unlike traditional exchange-traded funds that merely track asset prices, the REX-Osprey SSK ETF integrates on-chain staking directly into its structure. Approximately 40% of the fund’s SOL holdings will be actively staked, generating yield that is then distributed to investors after necessary tax withholdings.
This model represents a significant departure from conventional crypto ETFs, which typically avoid staking due to regulatory complexity. By launching under a C-corp ETF structure, Rex-Osprey sidesteps some of the regulatory hurdles associated with spot ETF approvals while still delivering core investor benefits.
"Coming Wednesday: The First-Ever Staked Crypto ETF in the U.S.!
Introducing the REX-Osprey™ SOL + Staking ETF, designed to track the performance of Solana while generating yield through on-chain staking."
— REX Shares, June 30, 2025
Key Features of the SSK ETF:
- Direct exposure to Solana (SOL) price performance
- Participation in staking rewards (40% of assets staked)
- Tax-efficient distribution model via C-corp structure
- Management fee of 0.75% (before tax implications)
While the management fee appears competitive, investors should note that taxes on staking rewards are collected at the fund level, potentially increasing the effective cost and reducing net returns compared to self-staking.
Regulatory Pathway: A Strategic Move Ahead of SEC Approvals
Rex-Osprey’s launch follows confirmation that it has met all SEC requirements for its C-corp filing without additional conditions—an implicit green light for market entry. This strategic use of existing securities frameworks allows the firm to launch ahead of larger Wall Street players awaiting approval for spot Solana ETFs.
Notably, Rex-Osprey has also filed for a staked Ethereum ETF, suggesting a broader vision to dominate the yield-generating crypto ETF space. However, no timeline has been announced for that product.
Why This Launch Matters:
- First U.S. ETF to offer crypto staking rewards
- Demonstrates regulatory innovation within current frameworks
- Sets precedent for future yield-bearing digital asset products
- Positions Rex-Osprey as a first-mover in altcoin ETF development
👉 See how early movers are shaping the future of crypto ETFs.
Market Reaction and Investor Sentiment
The announcement has sparked renewed optimism in the Solana ecosystem. Over the past 24 hours, SOL price has seen a modest uptick, reflecting growing market confidence around institutional adoption and regulatory progress.
According to Bloomberg analyst Eric Balchunas, Rex-Osprey’s move is less about immediate capital inflows and more about establishing first-mover advantage in a segment expected to expand rapidly once major spot ETFs gain approval.
"While it is a notable launch, important to manage expectations. Keep in mind:
- $SOLZ (Solana futures) only has $22M after 3 months on market—low traction despite 15% price gain
- Investors tend to prefer '33 Act 100% spot products if given a choice..."
— Eric Balchunas, Bloomberg
Despite these caveats, Balchunas and fellow Bloomberg analysts maintain a 95% probability that a spot Solana ETF will be approved by the SEC in 2025—on par with Litecoin (LTC) and XRP. Other altcoins with high approval odds include:
- Dogecoin (DOGE)
- Cardano (ADA)
- Avalanche (AVAX)
- Hedera (HBAR)
- Polkadot (DOT)
Lower-confidence candidates include Sui (SUI), Tron (TRX), and Pudgy Penguins (PENGU), indicating that not all digital assets are viewed equally by regulators or institutions.
How Does Staking Work in an ETF?
One of the most innovative aspects of the SSK ETF is its integration of on-chain staking within a regulated fund structure. Here’s how it works:
- The fund holds SOL tokens on-chain.
- A portion (40%) is delegated to validators to secure the Solana network.
- Staking rewards are earned in real time.
- Rewards are taxed at the corporate level before being passed to shareholders quarterly.
This approach ensures compliance while still delivering yield—a balance few firms have managed to achieve.
Benefits vs. Risks:
| Benefit | Risk |
|---|---|
| Passive income via staking | Lower net yield due to taxes |
| Institutional-grade custody | No direct control over private keys |
| Regulatory clarity | Limited flexibility compared to self-staking |
Frequently Asked Questions (FAQ)
What is a staked crypto ETF?
A staked crypto ETF is an exchange-traded fund that not only tracks the price of a cryptocurrency but also participates in staking to generate additional yield. Investors receive both price exposure and periodic reward distributions.
Is the REX-Osprey SSK ETF a spot or futures-based product?
It is primarily a spot-based ETF, holding actual SOL tokens. However, it operates under a C-corp structure rather than a traditional 1940 Act fund, allowing for staking functionality while avoiding pending regulatory delays.
Will this ETF replace the need for spot Solana ETFs?
No. Most institutional investors still prefer 1940 Act-compliant spot ETFs for maximum liquidity and tax efficiency. The SSK ETF serves as an interim solution until major firms like BlackRock or Fidelity launch their own approved products.
Why hasn’t BlackRock filed for a Solana ETF yet?
While BlackRock has not publicly commented, analysts believe the firm is prioritizing Bitcoin and Ethereum due to their larger market caps and clearer regulatory standing. Altcoin ETFs may follow, but likely after initial spot approvals.
How does taxation work in a staked ETF?
Staking rewards are treated as ordinary income at the fund level. Taxes are withheld before distributions are made to shareholders, simplifying tax reporting for individual investors but potentially reducing overall returns.
Can I redeem my shares for actual SOL tokens?
No. Unlike some spot ETFs that allow in-kind redemptions, the SSK ETF does not offer physical redemption. Investors can only buy or sell shares on the open market.
The Road Ahead: What This Means for Crypto Adoption
The launch of the first staked Solana ETF signals growing maturity in the digital asset ecosystem. It demonstrates that regulated financial products can now incorporate native blockchain features like staking, bridging DeFi innovation with traditional finance.
As more investors seek yield-generating crypto exposure, products like SSK could pave the way for similar offerings across Ethereum, Cardano, and other proof-of-stake networks.
👉 Stay ahead of the next wave of crypto innovation—explore what’s next after this landmark launch.
Final Thoughts
The REX-Osprey SOL + Staking ETF is more than just a new ticker symbol—it's a milestone in the convergence of decentralized finance and institutional investing. While it may not satisfy demand for fully compliant spot ETFs, it provides a viable alternative for investors seeking both exposure and yield.
With Bloomberg projecting near-certain approval for spot Solana ETFs by year-end, 2025 is shaping up to be a transformative year for altcoin adoption. And now, with staking officially part of the equation, the rules of crypto investing have changed—for good.
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