REX-Osprey Chooses $jitoSOL for LST Component of Solana Staking ETF

REX-Osprey’s Solana Staking ETF continues to blaze a trail towards Solana’s institutional adoption. After ranking among the top 1% of ETF launches, $SSK is now the first U.S. ETF in history to include an LST, $jitoSOL, in its composition.

$jitoSOL inclusion in TradFi investment vehicles like ETFs illustrate just how far crypto has come. What started as an experiment to give stakers greater flexibility has evolved into a mature asset class, with even an unorthodox fund like $SSK attracting over $130M in AUM within 3 weeks of launch.

$jitoSOL Integrated into Solana Staking ETF

On July 24, REX-Osprey, a collaboration between REX Shares and Osprey Funds, announced $jitoSOL’s integration into the portfolio of its Solana Staking ETF, $SSK. 

$jitoSOL’s inclusion in the fund further bolsters $SSK’s access to native staking rewards while enabling investors to maintain compliant exposure to Solana in a TradFi environment.

“With $SSK, REX-Osprey was the first to introduce crypto staking rewards to a U.S. ETF. Now by integrating the capability for liquid staking through JitoSOL, we’re enhancing liquidity while continuing to deliver native Solana rewards within a U.S. ETF structure.” - Greg King, CEO of REX Financial & Osprey Funds.

REX-Osprey’s $SSK made history earlier this month when it became the first U.S.-listed ETF tracking the price of Solana. While the majority of Solana ETF filings are still awaiting approval, REX-Osprey was able to bypass regulatory hurdles by composing its portfolio of native $SOL and shares of the 21Shares Solana Staking ETP.

 

$jitoSOL now joins REX-Osprey’s hybrid composition, with Jito’s LST representing 0.33% of the fund’s AUM.

Jito Labs CCO Thomas Uhm argues that $jitoSOL’s integration in the fund is a victory not just for Jito, but for staked assets at large. 

Uhm contends that LSTs solve “critical challenges around yield optimization and redemption risk” while still aligning with the “infrastructure compatibility ETF issuers need” to flourish in traditional market structures.

Jito Driving Progress Across Solana

REX-Osprey’s announcement caps a big week for Jito. One of Solana’s key infrastructure providers, Jito also announced the latest development in its block-building architecture stack: BAM (Block Assembly Marketplace).

BAM proposes a fundamental shift in how Solana transactions can be sequenced to enable greater transaction privacy and composability. Builders across the ecosystem are eager to see BAM’s implementation in action and are adamant the protocol will drive fresh innovation in various sectors, including perpetual trading platforms.

However, while BAM’s reception has been overwhelmingly positive, pockets of Solana’s developer community have a more cynical outlook. Anza and former Solana Engineer trent.sol expressed discontent with Jito’s new blockbuilding architecture, insinuating that the operator is installing itself as a centralized intermediary.

Trent.sol’s position has been echoed by other players across the ecosystem. Rugcheck and Fluxbeam founder, Scott Hague, has also expressed concerns that BAM could be a threat to decentralization and permissionlessness on Solana.

Solana LSTs Enjoy Sustained Growth

Amidst growing institutional interest in the ecosystem, Solana’s LST landscape continues to thrive. The network’s LST-staking rate has been in a consistent uptrend over the last year, rising from 7.31% to 14.42% since July 2024.

$jitoSOL continues to dominate market share among Solana LSTs, currently constituting 30.53% of all liquid staking tokens across the network.

Read More on SolanaFloor

How much institutional demand can we anticipate for $SOL ETFs?

Report: Solana ETFs Could See $5.52B in Inflows Within One Year of Launch

What is Solana Staking?