Introduction
On June 30th, the REX-Osprey Solana Staking ETF received regulatory approval, marking the first cryptocurrency ETF in the US market to include on-chain staking rewards. Scheduled to begin trading on July 2nd, this groundbreaking product propelled SOL's price by nearly 6%, briefly surpassing $160 before stabilizing at $154. While established institutions faced delays in their SOL ETF applications, this relatively unknown partnership successfully navigated the regulatory landscape.
Core Keywords: SOL ETF, Solana staking, cryptocurrency investment, US stocks, decentralized finance
The Unlikely Pioneer: REX-Osprey's Staking ETF Breakthrough
REX Shares (a Connecticut-based ETP innovator) and Osprey Funds (a crypto asset manager) collaborated to launch the REX-Osprey SOL+Staking ETF — a first-of-its-kind product combining SOL exposure with staking yields (~7% APY). Unlike traditional 1940 Act ETFs, their C-Corp structure enables direct on-chain staking, though it requires corporate-level taxation.
Key Differentiator: The ETF actively stakes ≥50% of its SOL holdings via blockchain validators, offering investors both price appreciation and yield generation.
Why Others Struggled:
- VanEck, 21Shares, and Bitwise pursued conventional trust structures without staking capabilities.
- SEC concerns about staking risks delayed approvals for established players.
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SOL "Treasury Play" Stocks: Who's Betting Big on Solana?
Several publicly traded companies have incorporated SOL into their balance sheets, mirroring MicroStrategy's Bitcoin strategy:
1. DeFi Development Corporation (DFDV)
- Transitioned from real estate financing to a pure-play Solana investment vehicle.
- Holds 600,000+ SOL (~$1B valuation), representing ~33% of its market cap.
- Acquired Solana validator nodes and partnered with Bonk (Solana meme coin) for staking rewards.
- Stock surged 3,133% YTD after rebranding in April 2024.
2. SOL Strategies Inc. (HODL/CYFRF)
- Formerly Cypherpunk Holdings, now focused on SOL accumulation and staking.
- Holds 239,000 SOL and manages validator nodes with 1.65M SOL total stake (~7% APY).
- Secured $500M convertible debt facility to expand SOL purchases.
3. Classover Holdings (KIDZ) & Upexi (UPXI)
- Classover: Announced $500M SOL reserve plan, initially purchasing 6,472 SOL ($1.1M). Stock rose 46% post-announcement.
- Upexi: Allocated $100M for SOL reserves; tokenized shares on Solana blockchain. Holds **735,692 SOL** ($105M).
Solana Ecosystem Highlights: DEXs and Staking Protocols
Top Decentralized Exchanges (DEXs)
| Protocol | Token | Role | Recent Price Movement |
|---|---|---|---|
| Raydium | RAY | Solana's liquidity hub | +6% ($2.2 → $2.1) |
| Jupiter | JUP | Leading aggregator (50-60% volume) | +9% ($0.48 → $0.45) |
Liquid Staking Derivatives (LSDs)
- Jito (JITO): Dominates Solana LSD space with $1.7B TVL. JITO token surged 14% post-ETF news.
- Institutional adoption growing (e.g., DFDV holds Jito-SOL).
FAQ: SOL ETF and Investment Landscape
Q1: How does the REX-Osprey ETF differ from Bitcoin ETFs?
A: It’s the first to incorporate staking rewards, offering yield alongside price exposure.
Q2: Which stocks have the highest SOL exposure?
A: DFDV (600K SOL) and Upexi (735K SOL) lead in absolute holdings.
Q3: What risks exist with staking ETFs?
A: Potential depegging from SOL price due to fees, lock-up periods, and validator performance.
Q4: Why are companies shifting treasury reserves to SOL?
A: Staking yields (7-9% APY) provide passive income vs. idle Bitcoin holdings.
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Conclusion
The SOL ETF approval unlocks institutional access to Solana’s high-yield ecosystem. Public companies like DFDV and protocols like Jito stand to benefit as capital flows into staking and DeFi infrastructures. For investors, this creates multifaceted opportunities across equities, ETFs, and native tokens.