The REX-Osprey Solana staking ETF (SSK) surpassed $200 million in cumulative flows for the first time on Sept. 11, amid Solana’s (SOL) strong price action.
Trading under ticker SSK, the fund struggled with adoption during its initial months, recording zero activity on four of six trading days through Aug. 8, according to Farside Investors data.
The pattern reflected broader institutional hesitation toward Solana-focused investment products compared to Bitcoin and Ethereum alternatives.
Analysts attributed the slow start to structural complexity rather than demand deficiencies.
Additionally, the fund operates outside standard SEC-registered spot ETF frameworks, incorporating staking mechanisms and offshore ETF allocations that differentiate it from traditional cryptocurrency products.
At 0.75% annually, SSK’s management fee positions at the higher end of crypto ETF expense ratios compared to major Bitcoin and Ethereum funds charging 0.15% to 0.25%.
Shifting tides
However, institutional sentiment shifted in late August, following announcements about corporate Solana treasury strategies.
Galaxy Digital, Multicoin Capital, and Jump Crypto announced they were pursuing $1 billion to assemble a Solana treasury through a public company vehicle, with Cantor Fitzgerald serving as lead banker.
The companies committed cash and stablecoins to Forward Industries, which closed a $1.65 billion private placement on Sept. 11.
In addition, SOL Strategies secured Nasdaq approval to begin trading on Sept. 9 as a Solana-first investment vehicle.
Institutional flows
Institutional flows reflected the momentum shift. Solana exchange-traded products (ETPs) registered $177 million in inflows during the week of Aug. 25-29, representing the largest altcoin flow excluding Ethereum.
The first week of the month saw Solana products dominate altcoin flows with $16.1 million, while Ethereum ETPs experienced $912.4 million in outflows. The institutional interest coincided with Solana’s growth in its DeFi ecosystem.
DefiLlama data shows that Solana crossed $13 billion in total value locked for the first time on Sept. 12.
This backdrop provided fundamental support for a price advance that lifted SOL by 20% in September. On Sept. 12, SOL grew 5.5% to reach a $241.84 high, its highest price level since Jan. 30.
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