REX-Osprey Solana stake ETF ( SSK ) made a stunning debut: raising $12 million on the first day, pioneering the stake yield ETF.

This week, REX-Osprey Solana stake ETF (SSK) makes a stunning debut, with first-day capital inflow reaching 12 million USD and total trading volume hitting 33 million USD. As the first approved stake yield ETF in the United States, this not only marks a significant milestone for Solana but also represents a major breakthrough in the encryption ETF field. This product allows investors to access not only Solana (SOL) Spot but also receive stake rewards—this unique feature differentiates it from other encryption financial products.

Breaking Barriers: Successful Regulatory Workarounds The road to the listing of SSK has not been smooth. In May, the SEC (U.S. Securities and Exchange Commission) raised questions, suggesting that it might not meet the definition of an "investment company." REX-Osprey cleverly responded by allocating at least 40% of its assets to other exchange-traded products (ETPs) (mainly outside the U.S.) and constructing it in accordance with the Investment Company Act of 1940, thus avoiding the 19b-4 application process required for traditional Spot ETFs. This move has been viewed by some as regulatory arbitrage, but others believe it sets a bold precedent for future stake-based ETFs.

"Healthy Start": Independence Day Holiday Trading Remains Resilient ETF analyst James Seyffart referred to its debut as a "healthy start", pointing out that the trading volume reached 8 million dollars just 20 minutes after opening. Although this is slightly inferior to the 4.6 billion dollars achieved on the first day of the Spot Bitcoin ETF, the performance of SSK has already far exceeded the previous Solana futures ETF and XRP ETF. Considering the impact of the Independence Day holiday week in the U.S., analysts believe that actual demand may be stronger than the data suggests. Its staking partner, Anchorage Digital, called this a "milestone moment for digital assets".

"The Summer of ETFs" Begins? More Altcoin ETFs on the Horizon The launch of SSK coincides with analysts predicting that the wave of altcoin ETFs will arrive in the second half of the year. Seyffart and Balchunas currently give a 95% probability that Solana Spot ETF, XRP ETF, and Litecoin ETF will be approved by the SEC before the end of the year. Additionally, the ETF conversion of Grayscale Digital Large Cap Fund has been approved, and the market is gaining momentum. Whether SSK is classified as a pure Spot ETF or not, its success indicates that institutional interest in Solana and stake rewards is real and increasing.

SOL price reaction is muted? Undercurrents in the futures market Interestingly, this news did not lead to a surge in SOL prices, with only a slight increase of 3.6% within 24 hours. However, a closer look reveals a different situation — the open interest in Solana CME futures hit a historic high of $167 million after the ETF launch, indicating that institutional traders are closely watching. Although the SOL price is still down 48% from its January peak, signs of long-term interest accumulation are clearly visible.

Key Insight: The Milestone Significance of Staking ETF The successful launch of the REX-Osprey Solana stake ETF (SSK) is a key turning point for Solana and the entire encryption market. Its significance goes far beyond the $12 million in capital inflow or regulatory techniques themselves; more importantly, it proves that an ETF supporting stake can be established within the U.S. financial system. This could reshape the way traditional investors access yield-generating digital assets.

Although it did not immediately cause the SOL price to soar, the strong start of SSK powerfully confirms that institutional interest is real and growing. Along with record-high open interest in Solana futures and analysts' expectations for a wave of altcoin ETFs, SSK could become the first domino that triggers greater change. This low-key yet powerful launch may lay the groundwork for staking to become a standard feature in the next phase of encryption investment.