First Bitcoin, Then Ethereum—Could Solana’s “Yield ETF” Trigger the Altcoin Supercycle?

• Solana ETF with staking launches July 2 under ticker SSK, offering exposure and yield mix.
• Price jumped to $161 post-announcement, now at $151 as market reassesses short-term outlook.

The first U.S.-based Solana ETF with staking, the REX-Osprey SOL+Staking ETF, is launching on July 2, 2025, under ticker symbol SSK. It becomes the first Solana-focused ETF with integrated staking capabilities available to U.S. investors. 

The ETF is structured under the Investment Company Act of 1940 as a C-Corporation, a format that imposes tax on dividends at both the corporate and individual level, setting it apart from typical Bitcoin or Ethereum ETFs.

The ETF allows direct exposure to Solana (SOL) while using part of its assets to participate in staking, a feature that gives investors the ability to earn passive income through network participation. The U.S. Securities and Exchange Commission has approved the product, jointly offered by Osprey Funds and REX Shares, following earlier approvals of Bitcoin and Ethereum ETFs.

Source: X

SOL’s price climbed 7% to $161 immediately following that announcement but has since dropped to about $151. That short-term swing has been described by analysts as recalibrated expectations in hopes of waiting to see if institutional capital will follow.

Altcoin ETF Cycle Gains Traction as SOL ETF Goes Live

Canadian Solana ETFs already possess staking functionality and have shown strong investor interest. Now, attention shifts to the U.S. market, where institutional investors may see this launch as the first in a broader phase of altcoin fund expansion. Invesco, Bitwise, VanEck, and others have filed for their own Solana ETFs, signaling wider interest in the asset beyond retail traders.

Bloomberg ETF analyst Eric Balchunas said in June, “Several such funds were on track for approval by July, with Solana likely ‘leading the way.’” If trading volumes and investor demand meet expectations, similar staking-enabled funds for other coins like Ethereum or Tron may follow.

The ETF’s dual benefit—price exposure and staking yield—could appeal to those who see cryptocurrency as a long-term asset class but also want returns beyond market speculation. This design also mimics features familiar in stock dividends, possibly attracting cautious investors who usually avoid volatile digital assets.

$585M in SOL Set to Unlock Soon, Raising Price Concerns

The Solana ETF format differs from other crypto ETFs, most of which follow the 1933 or 1934 Acts. This could matter for investors seeking a tighter regulatory structure. Unlike spot ETFs that only track price movements, this one provides a source of additional returns via staking.

With this rollout, Solana becomes one of the first blockchain projects to offer a publicly traded U.S. investment vehicle that also contributes to its on-chain activity. It adds a new layer to the expanding market for digital asset ETFs, where asset diversification is increasingly a focus.

Skeptics argue that the ETF’s success could face challenges due to upcoming market unlocks. Roughly $585 million worth of SOL is set to enter circulation soon from planned token releases and sales by decentralized applications. These developments could weigh on SOL’s price and affect investor sentiment.