tl;dr
The Rex-Osprey Solana Staking ETF (SSK), the first US-listed spot Solana ETF, saw a $21 million inflow on July 8, totaling $41.2 million since its July 2 launch. This is significantly lower than Bitcoin and Ethereum spot ETFs, which raised $2.9 billion and $1.2 billion respectively in their first ...
The first US-listed spot Solana exchange-traded fund (ETF), the Rex-Osprey Solana Staking ETF (SSK), saw a significant inflow of $21 million on July 8, bringing total net inflows to $41.2 million since its launch on July 2. This one-day inflow represents 104% of the $20.2 million raised over the previous three sessions, effectively doubling its total net inflows.
When compared to Bitcoin (BTC) and Ethereum (ETH) spot ETFs, SSK’s early fundraising falls short. Bitcoin spot ETFs garnered about $2.9 billion during their first four trading days, roughly 0.34% of BTC’s market capitalization at the time. Ethereum spot ETFs raised close to $1.2 billion over the first four days, equivalent to 0.3% of Ether’s market value after accounting for outflows. In contrast, Solana’s $41.2 million is roughly 0.05% of SOL’s circulating supply, about 16.7% of the penetration seen by BTC and ETH ETFs at launch.
The higher management fee of 0.75% for SSK, compared to 0.25% fees charged by BlackRock and Fidelity on their BTC and ETH products, likely contributes to this discrepancy. Additionally, the seed capital for SSK was around $600,000, indicating limited authorized participant capacity, while Bitcoin and Ethereum funds launched with seed baskets exceeding $300 million and fee-waiver schedules dropping fees to as low as 0.12% in the first year.
Rex-Osprey remains the only issuer of Solana ETFs directly holding SOL tokens, which, alongside the small seed base and relatively high fee, may have constrained early inflows. However, the sizable increase in net inflows on July 8 suggests growing interest from investors who are not deterred by cost, signaling an incremental appetite for Solana exposure through ETFs.