The first spot exchange-traded fund (ETF) based on Solana debuted on the Cboe BZX exchange on July 2, 2025. The product, introduced by REX Shares and Osprey Funds, immediately captured the interest of investors: trading volume on the first day reached $33.7 million, with a net capital inflow of about $12 million.
This is reported by Business • Media
Launch Features and Product Advantages
REX Shares and Osprey Funds submitted applications to launch ETFs based on Solana (SOL) and Ethereum (ETH) with staking functionality in early June 2025. Both funds received C Corporation status under Rule 6c-11, which expedited their launch and allowed them to bypass the lengthy approval process under Rule 19b-4. By the end of June, the companies managed to make the necessary changes, and the U.S. Securities and Exchange Commission (SEC) raised no objections to the product entering the market.
On July 2, shares of the new fund, named REX-Osprey Solana Staking ETF with the ticker SSK, began trading on the Cboe BZX exchange.
Market Reaction and Expert Evaluations
On its debut day, the trading volume for this ETF reached $33.7 million, significantly outpacing the results of futures altcoin funds, although it still lags behind the volumes of spot Bitcoin and Ethereum ETFs. However, the capital inflow into the fund reached $12 million, indicating moderate investor interest.
“The trading volume on the first day was 82% lower than expected, based on the market capitalization ratio of Solana to Bitcoin. This ‘lack of appetite’ shows that institutional investors are still at a very early stage of their understanding of Solana,” noted Juan Leon, senior investment strategist at Bitwise.
Despite the subdued dynamics, the price of Solana (SOL) in the market reacted with an increase of over 2% over the day, as recorded on the SOL/USDT chart on the Binance exchange.
Analysts predict that following the successful debut of this product, the SEC may approve other spot Solana ETFs in the U.S. market.