Solana Staking ETF $SSK Closes Debut with $33M Volume, Offering Glimpse into Future Spot ETF Demand
CME open interest in Solana futures hit record highs alongside the ETF launch, signaling rising institutional interest in SOL.
- Published: Jul 3, 2025 at 10:38
- Edited: Jul 3, 2025 at 10:59
The first-ever Solana staking ETF in the U.S., $SSK, launched on July 2 with $33 million in first-day trading volume and $12 million in net inflows, according to issuer REX Shares. The ETF recorded $8 million in volume within the first 20 minutes and crossed $20 million within two hours of listing.
Bloomberg ETF analyst Eric Balchunas described the performance as “really strong,” noting it ranks in the top 1% of ETF launches.
Strong Showing Despite Structural Constraints
While $SSK’s debut volume falls short of the figures posted by Bitcoin and Ethereum spot ETFs earlier this year, the comparison requires context. Both Bitcoin and Ether ETFs launched with the backing of multiple issuers. Ethereum had eight at launch, driving broader market access and higher volume. $SSK, on the other hand, comes from a relatively small issuer partnership between REX Shares and Osprey Funds, both of which are niche players in the ETF space.
Despite its limited reach, $SSK still managed to outperform the launch-day volume of Solana and XRP futures ETFs. That alone reflects meaningful institutional interest. And more importantly, it offers a preview of what might be expected when larger players enter the market.
Unique Structure Helped Enable Early Approval
$SSK’s hybrid construction of55.02% SOL and 44.95% 21Shares Solana Staking ETP was instrumental in securing approval.
While not a pure spot ETF, this structure allowed regulators to greenlight the product ahead of the larger applications still pending. It also provides staking yield exposure, further differentiating it from other market offerings.
Spot ETF Demand Could Scale Further
Nine major issuers are still awaiting approval for Solana spot ETFs, including traditional asset management giants like Fidelity, Franklin Templeton, and VanEck. These firms manage significantly more assets and have far-reaching distribution networks. If a comparatively small firm like REX Shares can generate this level of volume on day one, a full-scale spot ETF backed by a major issuer could attract substantially more capital.
CME Futures See Spike in Parallel
The ETF’s launch coincided with a record surge in Solana CME futures activity, with open interest hitting $167 million. This spike signals a rising institutional appetite for SOL exposure across both derivatives and ETF markets.
Together, these developments suggest that Solana is gaining traction in regulated financial markets. While $SSK is not a complete reflection of what a pure spot ETF might bring, its performance offers an apparent signal of demand. It may scale significantly when approval expands to include some of the largest players in traditional finance.
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