United States’ First Spot Solana ETF with Crypto Staking Rewards Launched
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A new and unique crypto investment product has entered the U.S. market. On June 27, 2025, ETF provider Rex Shares and crypto firm Osprey Funds launched the first-ever spot Solana (SOL) exchange-traded fund (ETF) in the country that also offers on-chain staking rewards.
The U.S. Securities and Exchange Commission (SEC) did not officially traditionally approve the ETF. However, it stated it had “no further comments,” which allowed the product to proceed to market. This fund is called the Rex-Osprey SOL and Staking ETF (SSK) and is built differently from most ETFs, which may explain the SEC’s quiet approval approach.
What the SSK ETF Invests In
At the moment, the SSK fund mainly invests directly in spot-staked Solana, meaning it buys real SOL tokens and stakes them to earn rewards. But approximately 40% of its Crypto assets are also invested in other exchange-traded products that stake SOL.
As it stands, a portion of the fund is set aside for Solana liquid staking tokens imitating JitoSOL, similar to Ethereum’s Lido. However, Jito offers something extra known as maximal extractable value (MEV). This allows validators to reorder transactions in ways that produce the highest possible staking returns for investors, adding more earning power to the fund.
Unique Crypto Structure and Tax Setup
This fund, unlike most ETFs, does not pay compulsory levies the way a typical investment company should. However, it is formed as a “C corporation,” which is a business structure where the company itself pays taxes separately from its shareholders. This structure was chosen because the fund has a limited number of assets.
The benefit of this setup is that staking profits can be passed directly to investors, but there is a trade-off—both the fund and its investors may face double taxation. This tax detail, along with its different investment approach, makes the SSK fund one of the most unique ETF offerings in the U.S. crypto space today.
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