In a landmark move for the digital asset industry, the first U.S.-based Solana exchange-traded fund has commenced trading, signaling a new phase of maturity for crypto investment products. The REX-Osprey Solana ETF began trading on the Cboe BZX Exchange on Wednesday, July 2, 2025, immediately capturing the attention of the market.
The market responded with immediate enthusiasm. Following the launch, the price of SOL, Solana native token, surged to an intraday high of $149,75, according to data from CoinGecko. This price action reflects strong investor interest in gaining exposure to Solana through a regulated, traditional investment vehicle.
What sets the REX-Osprey Solana ETF apart is its novel structure, which bypasses the conventional spot-ETF approval pathway. Instead of undergoing the lengthy 19b-4 rule change process with the SEC, the fund is established as a C corporation. This innovative workaround allows the fund to engage in activities not typically seen in traditional ETFs, most notably staking the underlying SOL assets.
This staking capability is a historic first for a U.S. ETF. It means the fund can participate in securing the Solana network and, in return, earn staking rewards. These yields can then be distributed to the ETF’s shareholders as dividends, offering a source of passive income in addition to potential price appreciation of the SOL token itself.
The fund’s unconventional approach did create some initial confusion, particularly on the crypto prediction market Polymarket. Users there had been betting on whether a Solana ETF would be approved via traditional means, and the launch of this structurally different product prompted a debate on how to resolve the market. Polymarket ultimately decided that the REX-Osprey fund satisfied the conditions of the bet.
Ultimately, the debut of this staking-enabled Solana ETF is more than just a new product; it’s a testament to the ongoing innovation at the intersection of traditional finance and cryptocurrency. It provides a blueprint for how other proof-of-stake assets could be packaged for mainstream investors, potentially unlocking a new wave of capital and interest in the digital asset ecosystem.
