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Jul 02, 2025

REX-Osprey Launches First US Solana + Staking ETF, Powered by CF Benchmarks

Another inflection point: on-chain staking rewards meet U.S. ETF access

Meet REX-Osprey's SSK, powered by CFB

The U.S. ETF landscape marks a transformative milestone with the launch of the REX-Osprey Solana + Staking ETF (SSK)—the first ETF to deliver spot Solana (SOL) exposure alongside direct, on-chain staking rewards in a regulated investment vehicle. SSK enables both institutional and sophisticated retail investors to access protocol-native Solana yield within the familiar infrastructure of U.S. securities markets, while leveraging CF Benchmarks’ CME CF Solana-Dollar Reference Rate – New York Variant (SOLUSD_NY) as its robust, manipulation-resistant pricing source.

Institutional-grade access to Solana and native staking yield

  • First of its Kind: SSK is the first U.S.-listed ETF to provide both spot SOL exposure and on-chain staking rewards, bridging the worlds of blockchain protocol participation and regulated TradFi products.
  • Direct Protocol Participation: All SOL held by the fund is staked directly on-chain, with rewards distributed as monthly cash payouts—no derivatives, no synthetic exposures, no manager take.
  • Benchmarked to the Highest Standard: Fund performance is anchored to the CME CF Solana-Dollar Reference Rate – New York Variant (SOLUSD_NY), delivering institutional-grade transparency, replicability, and price integrity.

Key features and differentiators

  • Regulated access, native yield: SSK offers a regulated path to Solana’s 7–9% protocol-native staking yield, eliminating technical barriers and counterparty risks for ETF investors.
  • Transparent and secure: Staking operations are fully on-chain, utilizing institutional-grade custody with Anchorage Digital and trusted validators such as Figment and Galaxy.
  • No contango, tight tracking: Unlike futures-based SOL products, SSK maintains tight tracking to spot Solana because of SSK's use of the SOLUSD_NY index for net asset value (NAV) calculation, minimizing slippage and structural inefficiencies.
  • Monthly payouts, no reward dilution: 100% of staking rewards accrue to shareholders; REX-Osprey does not retain any portion of rewards.
  • Familiar investment structure: SSK trades on U.S. exchanges, designed for RIAs, institutional allocators, and professional investors seeking digital asset yield with regulatory clarity.

Use cases and real-world scenarios

  • Institutional treasury management: Portfolio managers seeking compliant, high-yield crypto exposure within standard brokerage accounts—no wallets or direct blockchain management required.
  • Product structuring: ETF issuers and asset managers aiming to launch or white-label digital asset strategies backed by robust reference rates and operational transparency.
  • Advisory solutions: Wealth managers and RIAs supporting clients’ crypto allocations with direct protocol exposure, yield optimization, and robust risk controls.

Useful data and key milestones

  • 7.3% current staking reward rate: All fund-held SOL will be actively staked on-chain, passing through the protocol yield to investors. The approximate 7.3% staking reward rate is correct at the time of publication.
  • First U.S. ETF of its kind: No U.S.-listed ETF has previously combined spot SOL and on-chain staking rewards in this structure.
  • Anchored by trusted benchmark: Pricing and performance are derived from the CME CF Solana-Dollar Reference Rate – New York Variant (SOLUSD_NY), ensuring robust index governance and resistance to market manipulation.

Conclusion

The REX-Osprey Solana + Staking ETF (SSK) represents a significant advancement in digital asset investment products, offering the first U.S.-listed ETF to combine spot Solana exposure with protocol-native staking rewards. Benchmarked to CF Benchmarks’ CME CF Solana-Dollar Reference Rate – New York Variant (SOLUSD_NY), SSK enables institutional and professional investors to access secure, regulated Solana staking yield through a familiar ETF structure, with all rewards passed directly to shareholders.

This launch establishes a new standard for blockchain-native yield delivery in traditional financial markets, setting a foundation for further integration of digital asset innovations within regulated investment vehicles.

More information

Click the links below to find out more about the REX-Osprey Solana + Staking ETF (SKK) and the CME CF Solana-Dollar Reference Rate - New York Variant (SOLUSD_NY).

REX-Osprey Solana + Staking ETF Web Page

REX-Osprey website

Explore our Solana benchmark at the SOLUSD_NY Product Page

Download our research team's introduction to Solana:

Solana: The High-Speed, Low-Cost Blockchain Rival - CFB
Solana: The High-Speed, Low-Cost Blockchain Rival - CFB
CFBGabriel Selby

Read and download our SOLUSD_NY benchmark research:

Suitability Analysis of the CME CF Solana-Dollar Reference Rate - New York Variant as a Basis for Regulated Financial Products
This paper seeks to understand whether these qualities are achieved by CF Benchmarks’ CME CF Solana-Dollar Reference Rate - New York Variant (SOLUSD_NY).
CF BenchmarksCF Benchmarks

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell any of the underlying instruments cited including but not limited to cryptoassets, financial instruments or any instruments that reference any index provided by CF Benchmarks Ltd. This communication is not intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. Please contact your financial adviser or professional before making an investment decision.


Note: Some of the underlying instruments cited within this material may be restricted to certain customer categories in certain jurisdictions.


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