Solana July 2025 Update

Institutional Flows: ETFs and DATs

The REX-Osprey SOL Staking ETF (SSK) launched on July 2, 2025, becoming the first US ETF to offer exposure to SOL and staking rewards. As a reminder, unlike traditional crypto trusts, this ETF is structured under the Investment Company Act of 1940 using a C-corporation format. As such, staking distributions to investors are taxed inside the fund before being distributed as dividends.

As of July 31, 2025, SSK invests 57% of its net assets in the reference asset (SOL), 41% in the 21Shares Solana Staking ETP (ASOL, the largest SOL ETP in Europe by AUM), and 2% in JitoSOL. Note that JitoSOL was integrated in SSK on July 24, providing a more efficient vehicle for staked SOL exposure than ASOL, so we expect this 2% allocation to grow significantly in the coming months.

SSK has exceeded expectations in its first month of trading, registering $138M in net inflows.

On a forward-looking basis, our base case is that spot SOL ETFs structured under the 1933 Act will be approved by October. These vehicles will be more tax efficient and have stronger distribution (Blackrock, Fidelity, Galaxy, etc.) than Rex-Osprey, which suggests they could generate more inflows than SSK. The chart below shows that SSK’s AUM represents only about 0.15% of SOL’s market cap, whereas Bitcoin and Ethereum spot ETFs hold about 6.6% and 4.8% of their underlying assets’ supply as of July 31, 2025.