The first Solana stake ETF in the US has been launched: $33 million on the first day, but can it withstand the "good news priced in"? SOL's performance lags behind ETH.

The first Solana staking ETF in the United States listed and achieved $8 million in trading volume within 20 minutes, but the SOL price did not receive significant incentive, reflecting a phenomenon of "buy the rumor, sell the news." (Background: Founder of SkyBridge Capital: The trend of companies issuing bonds to buy BTC will eventually fade, and excessive speculation may backfire on Bitcoin.) (Additional background: Analysts: Technical indicators are bullish on Bitcoin; Bitwise warns that BTC may hit $200,000 by the end of the year, but ETH and SOL are weak.) On July 2, the REX-Osprey first Solana staking ETF officially listed on the Cboe BZX exchange, with a trading volume of $8 million in the first 20 minutes. However, the incentive for SOL appears to be minimal; in the week before the listing, SOL had already fallen by 7.8%, and the market's "buy the rumor, sell the news" effect may have led longs to take profits early, making it difficult for the trading heat on the first day to fully return to spot. CMC data shows that SOL rose about 3.6% in the past 24 hours, similar to Bitcoin; ETH performed even better, reaching as high as $2,600, with a rise of about 7.1% in the past 24 hours. With such hot trading, why hasn't it ignited spot demand? According to Bloomberg analyst Eric Balchunas, this ETF achieved a trading volume of $20 million within half a day (with a closing trading volume of about $33 million), placing it in the top 1% for first-day trading of new ETFs. However, the issuer REX lacks the massive management scale of giants like BlackRock, and it remains to be seen whether subsequent liquidity can continue. On the other hand, according to official statements, while SSK tracks SOL as its target, it does not guarantee a complete replication of SOL's performance. About 45% of the assets are currently invested in the 21Shares Solana Staking ETP, with the remaining funds directly investing in Solana spot. However, investors can obtain staking rewards through SSK without having to manage blockchain infrastructure themselves, making it a convenient channel for institutions. (Staking rewards are distributed to investors in cash on a monthly basis, without the need for self-delegation or repeated staking.) Volume in $SSK now at $20m, which is really strong, top 1% for a new launch. For context, $SOLZ did $1m on Day One, and that's pretty good. Also, the $25m in seed assets makes $SSK already bigger than $SOLZ. — Eric Balchunas (@EricBalchunas) July 2, 2025 SEC "no objection" signal The ETF adopts the 1940 Act C-Corp structure and has obtained a 6C-11 exemption, avoiding traditional 19b-4 review. The SEC has nodded in a "no objection" manner, marking the first time staking rewards have been allowed into an ETF. The market interprets this as a reflection of a potentially friendlier administrative attitude in 2025, opening up a "Crypto ETF Summer". Currently, there are seven other Solana ETFs pending approval, and if they are subsequently released, the staking reward theme is expected to receive further catalysts. Do SOL staking ETF fees and returns have to be taxed? According to official statements, the current management fee for the fund is 0.75%, and the total annual fund operating expense is 1.40%, including a management fee of 0.75% and an estimated current and deferred income tax expense of 0.65%. Additionally, the staking rewards obtained from purchasing the ETF may be subject to taxation: Staking rewards will be paid to the fund in kind and will increase the fund's net asset value, which may lead to taxable income for shareholders. Depending on the fund's earnings and distribution situation, this income may be considered ordinary income, capital gains, or capital return. Investors should consult their tax advisors for guidance. Related reports Sol Strategies applies to list on Nasdaq in the US under the code "STKE": Accelerating Solana layout and staking scale "Trump-branded phone" binds encryption: Is it a self-serving money printing machine, or an imitation of Solana's wealth code? Solana founder criticizes "$100 million ADA for Bitcoin" as too foolish; Hoskinson responded after several days of silence to the article "The first Solana staking ETF listing in the US: $33 million trading volume on the first day, but difficult to counter the 'buy the rumor, sell the news'? SOL performance underperforms ETH". This article was first published in BlockTempo, the most influential blockchain news media.