Solana stake ETF successfully launched, innovative structure attracts follow

On July 3rd, the first Solana stake ETF in the United States officially debuted on the Chicago Board Options Exchange, receiving a positive market response. This product, named REX-Osprey Solana stake ETF (ticker: SSK), achieved a trading volume of $33 million on its first day, attracting $12 million in capital inflow, exceeding expectations.

The ETF not only tracks the price movement of Solana (SOL) but also provides investors with native stake rewards. Managed jointly by REX Shares and Osprey, SSK's first-day trading volume has surpassed that of the previously launched Solana futures ETF and XRP futures ETF.

Compared to traditional crypto asset ETFs, SSK introduces an innovative feature of variable staking reward monthly dividends, with the current dividend rate at 7.3%. An ETF analyst commented: "This is a healthy trading start," noting that the trading volume reached 8 million dollars within the first 20 minutes of listing.

SSK aims to meet the needs of various types of investors, including retail investors seeking exposure to cryptocurrencies, crypto-native investors supporting blockchain innovation, financial advisors needing compliant blockchain income avenues, and institutional investors pursuing ETF transparency.

It is worth noting that SSK adopts the "C Corporation" registration form and is registered under the Investment Company Act of 1940, rather than the traditional Securities Act of 1933. This structure allows it to bypass the conventional ETF approval process and accelerate the listing process. However, this innovative structure also brings some challenges, especially in terms of taxation. Since staking rewards are considered ordinary income, the fund needs to pay corporate income tax internally, and investors also need to bear dividend tax and capital gains tax, resulting in a higher overall tax burden.

Despite the controversy, the successful listing of SSK provides a model for other crypto asset ETFs. However, the regulatory stance on this innovative structure remains uncertain, and it may face more scrutiny in the future.

Currently, multiple companies are competing to launch Solana spot ETFs, and an analyst predicts that these funds may be approved within two to four months. Meanwhile, at least 60 other cryptocurrency ETF proposals are awaiting regulatory review. The success of SSK has opened up new paths for stake ETFs, but its long-term development prospects remain to be seen.