Exchange-traded fund (ETF) provider Rex Shares and crypto investment firm Osprey Funds have introduced the first spot Solana ETF in the United States that incorporates on-chain staking rewards. The fund, trading under the ticker SSK, received a green light from the U.S. Securities and Exchange Commission (SEC) on June 27, 2025, in an unconventional manner: the regulator indicated it had “no further comments” regarding the application rather than issuing a formal approval order.
Product Details: Staking and Mixed Holdings
According to a press release shared with Bitcoin.com, SSK primarily invests in spot staked Solana, but approximately 40% of its assets will be allocated to other exchange-traded products that also invest in staked SOL. A smaller portion will be placed in Solana liquid staking tokens such as JitoSOL. Jito is a Solana-based liquid staking protocol similar to Ethereum’s Lido, but it incorporates maximal extractable value (MEV), allowing validators to sequence transactions in the most profitable order to boost rewards.
SEC's Unique Stance: The C Corporation Structure
The SEC's unusual response likely stems from SSK's legal structure. Unlike typical ETFs, which are organized as regulated investment companies (RICs), SSK is registered as a C corporation. This means it is taxed separately from its owners, but staking proceeds can be passed through to investors. The filing documentation states: “Unlike most ETFs, the Fund will not be taxed as a regulated investment company for U.S. federal income tax purposes because of its limited number of holdings. Rather it will be taxed as a regular subchapter C corporation, which means taxable income generally must be recognized at both the Fund level and shareholder level.”
Market Impact and Regulatory Signal
The launch of SSK marks another milestone in the evolution of digital asset ETFs in the US. While Bitcoin and Ethereum spot and staking ETFs have already hit the market, Solana products had been held back by debates over whether SOL is a security. The SEC's “no further comments” approach is seen by industry participants as a tentative tolerance for innovative structures. However, the dual taxation inherent in a C corporation structure may make SSK more attractive to institutional investors or those employing tax optimization strategies rather than retail investors.
As of press time, the price of Solana has not shown significant volatility. Analysts expect that as more issuers explore staking-focused crypto ETFs, the SEC may eventually provide clearer guidance.