REX-Osprey’s Solana ETF Could Be Going Live This Week as First Staking-Enabled Crypto Fund in the U.S

The SEC has informed REX Shares that it has “no further comments” on its proposed Solana ETF, clearing the path for what could become the first U.S.-listed crypto ETF with onchain staking. The update was made public on Friday by Bloomberg ETF analyst Eric Balchunas, who commented, “So they are good to launch, it looks like. Wow.” Shortly after, REX began publicly teasing the fund as “coming soon.”

Fellow analyst James Seyffart added, “Seems like this Solana Staking ETF could be going live this week.”

The product, formally named the REX-Osprey SOL + Staking ETF and trading under the ticker SSK, offers exposure to Solana while generating a staking yield, a structure that has yet to be approved, even for Ethereum-based ETFs.

From Regulatory Dead-End to First-Mover Advantage

Just a year ago, such an outcome appeared unlikely. In August 2023, Balchunas described the outlook for Solana ETFs as effectively dead after the SEC failed to acknowledge initial filings, saying they had a “snowball’s chance in hell” of advancing. Those applications, submitted under the 19b-4 rule, were ultimately withdrawn under regulatory pressure.

The SEC’s earlier classification of SOL as a security, first cited in multiple enforcement actions in 2023, had long cast a shadow over the possibility of a Solana ETF. That regulatory overhang remained unresolved when the first ETF filings emerged, contributing to widespread skepticism about their viability. In that light, the apparent greenlight for the REX ETF is especially notable, not only because it advances despite unresolved questions around SOL’s legal status but also because it includes staking, a feature the SEC still withheld from Ethereum ETFs approved almost a year ago.

The Structure: How REX Circumvented the 19b-4 Process

Filed on May 31, 2025, the REX-Osprey ETF avoided the traditional 19b-4 route and instead used a ‘40 Act structure. It is organized as a C-corporation and invests in SOL directly or through a Cayman-domiciled subsidiary, allowing it to offer economic exposure to the token and capture staking rewards.

The fund’s total expense ratio is 1.40%, including a 0.75% management fee and 0.65% deferred tax estimate. It plans to stake at least 50% of its SOL holdings, using both native delegation and liquid staking protocols such as JitoSOL. The filing does not include a staking partner or a custodian; however, the mention of liquid staking does make the filing more interesting. REX has also clarified that staking rewards, minus validator and custodian fees, will flow back to the fund, and the advisor will not retain any share.

A Race Against Spot ETF Giants

Nine issuers, including Fidelity, VanEck, and Franklin Templeton, have filed for Solana spot ETFs using the more traditional 19b-4 path. Those proposals face October deadlines, giving REX a critical window to reach the market first.

Commenting at the time of the May filing, Bloomberg ETF analyst James Seyffart said, “All of this... is a bunch of clever legal and regulatory workarounds to get these products to market.” He added that although other structures may eventually be more efficient, REX’s approach enables immediate entry before the IRS clarifies staking treatment for grantor trust-based ETFs.

Why Staking May Be the Differentiator

The ability to offer staking from day one is a key differentiator for SSK. Ethereum ETFs, approved last year, were stripped of any staking functionality, a decision that some believe weakened investor interest. Cathie Wood, CEO of ARK Invest, remarked at Solana Accelerate that Ethereum’s inflows were “underwhelming” due to the lack of staking.

In contrast, the REX-Osprey ETF is preparing to launch at a time when the institutional appetite for yield-generating digital assets is accelerating. Recent developments, including Marinade’s staking-as-a-service platform and Galaxy’s entry into institutional staking, signal a broader shift as investors look beyond passive price exposure. For many, staking represents a more compelling thesis: long-term asset appreciation coupled with recurring income, all within a familiar fund structure.

What Kind of Demand Could This Unlock?

Even before staking was part of the equation, JPMorgan estimated in January of this year that a Solana ETF could attract $3–6 billion in inflows in its first year, citing Solana’s growing developer ecosystem and its dominance in areas such as DeFi, NFTs, and token launches.

With the SEC now permitting staking and REX likely to launch ahead of all other SOL ETF contenders, the question becomes: How much demand could this new structure unlock, and is this just the beginning of institutional yield-seeking in crypto?

 

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