The first-ever Solana staking ETF in the U.S., represented by its ticker $SSK, has surpassed $74 million in assets under management (AUM) just five days after its launch. The fund, issued by REX-Osprey, recorded a notable single-day inflow of $33.5 million on July 9 alone, based on data from Farside Investors. This surge follows a $21 million addition the day before, suggesting sustained and growing interest among institutional and retail participants.
ETF analyst Eric Balchunas of Bloomberg pointed out the fund's early momentum in a July 8 tweet. He highlighted that $SSK had already surpassed the size of competing Solana Futures ETFs such as $SOLZ.
With $SSK surpassing $74 million in assets, it stands out as the only Solana staking ETF currently available on the market. For context, the Volatility Shares Trust 2x Solana Futures ETF ($SOLT) employs 2x leverage and holds nearly $73 million in assets under management as of July 9. Together, the trio of Solana-linked products absorbed more than $80 million over the past month, effectively doubling their combined assets.
Strong Debut Despite Steep Fees
$SSK launched on July 2 with a management fee of 0.75%. That figure stands in contrast to the 0.25% fees offered by larger firms such as BlackRock and Fidelity for their Bitcoin and Ethereum spot ETFs. REX-Osprey likely set the higher fee to capitalize on its early-mover advantage as the only staking-enabled Solana ETF currently available. Despite the higher cost, investors appear undeterred. The ETF drew $20.2 million during its first three trading sessions, then added another $21 million on July 8, effectively doubling net inflows in a single day.
While initial inflows have been promising, the fund is not without its drawbacks. $SSK's 0.75% fee ranks as the highest among U.S.-listed spot crypto ETFs, creating a drag for cost-conscious investors. Furthermore, Bloomberg data shows that REX-Osprey seeded the fund with approximately $1 million in assets, a modest start compared to BlackRock and Bitwise's Bitcoin ETFs, which launched with seed capital in the millions of dollars.
The lack of fee waivers and the absence of multiple authorized participants may also limit the fund's accessibility and liquidity.
A Unique Offering
Despite its limitations, $SSK stands out as the first ETF to provide U.S. investors with staking exposure to Solana. While others have filed applications with the SEC to launch similar products, REX-Osprey remains the only active issuer of a Solana ETF that directly holds and stakes SOL.
The novelty of SSK’s approach aligns with a broader shift in investor appetite toward staking-enabled financial products. Staking offers yield-bearing exposure and reflects one of Solana's core network features. REX-Osprey was able to front-run rival issuers in securing approval due to its unique structure. Unlike the “pure” spot ETFs filed by the likes of Fidelity and Franklin Templeton, the $SSK fund is composed of $SOL (55.02%) and the 21Shares Solana Staking ETP (44.95%). Considering this structure, which blends direct Solana holdings with a separate staking security, the inflows are especially notable. Historically, investors have shown a preference for simpler, direct spot ETFs over hybrid compositions, making the early adoption of $SSK's approach all the more significant.
Looking Ahead
The early success of $SSK suggests that investor demand for diversified crypto exposure continues to expand beyond Bitcoin and Ethereum. With $74.7 million in total net inflows by July 9, the fund signals a potential future where staking-enabled products become a standard part of ETF offerings.
As additional asset managers, such as Franklin Templeton, Grayscale, and VanEck, await regulatory decisions on their Solana ETF filings, the performance of $SSK will likely serve as an early indicator of broader market acceptance. Given that these upcoming ETFs plan to use a simpler, pure spot fund structure without blended securities like the Solana staking ETP, we can expect higher inflows depending on market conditions. Investors have historically favored straightforward ETF compositions, which could give future issuers a competitive edge over REX-Osprey's hybrid model.
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