On July 2, 2025, trading began on the American exchange Cboe BZX for the first spot ETF based on Solana in the US, introduced by REX Shares and Osprey Funds. During its debut day, the trading volume reached $33.7 million, with an influx of capital into the fund of approximately $12 million, marking a significant step for this class of financial instruments.
This is reported by Finway
Features of the New Solana ETF and Approval Process
REX Shares and Osprey Funds submitted applications for the launch of the ETF at the beginning of June 2025, which included staking based on Solana (SOL) and Ethereum (ETH). Both new funds received C Corporation status under rule 6c-11, allowing them to bypass the standard lengthy application review process under rule 19b-4. At the end of June, the companies made the necessary changes to their applications, after which the US Securities and Exchange Commission (SEC) raised no objections to the start of trading.
The shares of the new REX-Osprey Solana Staking ETF received the ticker SSK and began trading on the Cboe BZX exchange. This is the first ETF in the country that provides investors with the opportunity to earn rewards from Solana staking within an exchange-traded product.
First Day Results and Market Reaction
At the end of the first trading session, the trading volume of the Solana ETF exceeded the results of futures funds based on other altcoins; however, it still lags behind spot ETFs on Bitcoin and Ethereum. As noted by Bloomberg Intelligence analyst Eric Balchunas, compared to market leaders, these figures are modest, but for a new asset category, this is a significant start.
“The trading volume on the first day was 82% lower than expected, based on the capitalization ratio of Solana to Bitcoin. This ‘lack of appetite’ shows that institutional investors are still at a very early stage of their understanding of Solana.”
Against the backdrop of the ETF launch, the price of Solana (SOL) on the Binance exchange showed moderate growth, surpassing the 2% mark for the day. Experts predict that the successful launch of this product will create conditions for the rapid approval of subsequent spot ETFs on Solana by regulators.
SOL/USDT price on Binance. Source: TradingView.