The REX-Osprey Sol + Staking ETF (SSK) has received regulatory approval to become the first U.S. cryptocurrency ETF that allows investors to earn additional income through staking. The ETF's unique feature is its staking capability, where a portion of the fund is used to stake on the Solana network, providing investors with passive income even if Solana's price remains stagnant.
Following the announcement, Solana's price increased by 6% to approximately $158, with a market capitalization of $83.5 billion, ranking sixth among cryptocurrencies. Analysts predict the approval of SSK will trigger a "Crypto ETF Summer" with several crypto ETFs expected to launch in the coming months.
SSK distinguishes itself by offering direct exposure to Solana through spot investments, unlike existing Solana ETFs like SOLZ and SOLT, which are futures-based and do not offer staking rewards. The fund has a 0.75% fee and complies with SEC regulations by investing at least 40% of its assets in other ETFs and exchange-traded products, primarily tracking Solana-related products.
Analysts are optimistic about the future of crypto ETFs, suggesting that the approval of staking-enabled ETFs marks a significant step in integrating cryptocurrencies into the U.S. economy. The SEC is expected to decide on several crypto ETF applications by early July, with a high likelihood of approval.
