Solana (SOL) is experiencing a surge in capital inflows, partly driven by the launch of the first-ever U.S.-based spot staking Exchange-Traded Fund (ETF) for the asset.
As of press time, Solana’s market capitalization stood at $81.58 billion, up from $77.63 billion the previous day, an increase of $3.95 billion.
The asset’s price is also trending higher, trading at $152.71 after gaining more than 3% on the day and approximately 7% over the past week.
The bullish momentum was sparked by the launch of the REX Osprey Solana Staking ETF, which officially began trading on July 2 on the Chicago Board Options Exchange (CBOE).
This fund is the first Solana-focused ETF in the United States and recorded around $8 million in trading volume within just 20 minutes of its debut, according to Bloomberg ETF analyst James Seyffart.
Jointly launched by asset managers REX Shares and Osprey Funds, the ETF provides direct exposure to Solana while also offering staking rewards.
Structure of Solana staking ETF
Roughly 80% of the fund is allocated to spot SOL holdings, with over half of that amount staked to generate on-chain yield. Investors can expect annual returns of between 7% and 7.3% from the staking portion.
The remainder of the ETF’s portfolio includes Solana-linked international products and liquid staking assets, such as JitoSOL.
A critical factor behind the ETF’s approval was its legal structure. REX and Osprey established the fund as a C-corporation under the Investment Company Act of 1940, allowing them to navigate around regulatory hurdles that have delayed other crypto-related ETFs.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is reviewing additional Solana ETF applications from major financial firms, including VanEck, Franklin Templeton, Fidelity, Galaxy Digital, and Grayscale.
Although none have been approved yet, the SEC has extended its review periods into late July. Analysts now place a 95% chance that at least one Solana ETF will receive regulatory approval before the end of 2025.
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