In July 2025, the crypto industry reached a new milestone: the launch of the first Solana-based ETF in the United States. As institutional appetite grows for altcoin exposure beyond Bitcoin and Ethereum, the concept of a Solana ETF has rapidly shifted from speculative to viable. This article traces the timeline of Solana ETF applications—from VanEck’s pioneering filing to the unconventional debut of the REX-Osprey Sol + Staking ETF—and explores the evolving regulatory landscape surrounding spot Solana ETF approval.
Why Solana? The Case for ETF Interest
Solana SOL, renowned for its high-speed transactions and low fees, has grown into one of the most active smart contract platforms. Its robust ecosystem—spanning DeFi, NFTs, and consumer applications—consistently ranks it among the top three blockchains in terms of daily active users and transaction volume, according to Artemis.
Source: Coingecko
The demand for a Solana ETF is fueled by this momentum. Institutions are increasingly seeking compliant vehicles to gain exposure to SOL without directly managing digital wallets. With spot Bitcoin and Ethereum ETFs now in place, Solana is emerging as the next serious contender among large-cap altcoins.
VanEck and the First Filing
In June 2024, investment firm VanEck made headlines by submitting the first spot Solana ETF application to the U.S. Securities and Exchange Commission (SEC). Titled the VanEck Solana Trust, the proposal aimed to track the price of SOL and be listed on the Cboe BZX Exchange.
VanEck argued that Solana’s decentralization, developer activity, and market depth made it an appropriate candidate for ETF treatment. Bloomberg analysts at the time gave it a 60% chance of approval by mid-2025, assuming the SEC’s posture toward crypto ETFs continued softening after the approval of Ethereum ETFs.
Source: VanEck
However, regulatory hurdles emerged. Unlike Bitcoin and Ethereum, Solana lacks a futures market overseen by the Commodity Futures Trading Commission (CFTC)—a factor the SEC has historically used to justify ETF approvals under the 1933 Securities Act.
- June 2024: VanEck files spot SOL ETF
- Jan 2025: Rumors of Grayscale + Fidelity filings
- July 2025: REX-Osprey SSK ETF launches
- July 31, 2025: SEC deadline for amended filings
- Oct 10, 2025: Expected SEC decision
For more: VanEck Files for the First BNB ETF
The REX-Osprey Surprise: A Workaround Launch
While the SEC sat on VanEck’s application, a more agile player entered the scene. In July 2025, REX Shares and Osprey Funds launched the REX-Osprey Sol + Staking ETF (Ticker: SSK)—a product designed to offer both SOL price exposure and staking yield, structured under the Investment Company Act of 1940.
Source: SSK
By operating under the 1940 Act, the SSK ETF avoided the stricter approval process of a traditional spot ETF. This fund provides SOL exposure with staking rewards up to ~6% APY,