REX Osprey Solana (SOL) exchange-traded fund (ETF) recorded zero trading activity on four of six trading days through August 8, according to Farside Investors data.
Trading under ticker SSK, the fund posted no flows on Aug. 1, Aug. 4, Aug. 5, and Aug. 7, with minimal $6.4 million in activity on Aug. 8 and $2.7 million outflows on Aug. 6.
REX Osprey’s fund is the first US-listed Solana ETF to integrate native staking mechanisms. The product operates outside standard SEC-registered spot ETF frameworks, delivering SOL exposure through indirect vehicles rather than direct crypto holdings.
Institutional hesitation
CoinShares flow data showed Solana products attracted $874 million in year-to-date inflows, staying behind Ethereum (ETH) and XRP among major cap altcoins despite its position as the fourth-largest cryptocurrency by market capitalization.
The trading pattern could reflect broader institutional hesitation toward Solana-focused investment products compared to Bitcoin (BTC) and Ethereum alternatives.
Nansen senior research analyst Jake Kennis attributed the disparity to institutional portfolio allocation strategies. He explained in a note:
“ETH is seeing a lot of new activity as institutions were likely underweight ETH relative to BTC. Solana has been mostly in the backseat for this new wave of attention, but SOL ETFs would likely pick up if institutions are looking to also diversify away from BTC and ETH.”
Structural complexity creates adoption barriers
The REX Osprey fund’s design incorporates staking mechanisms and offshore ETF allocations that differentiate it from traditional spot cryptocurrency products.
Stabolut founder and CEO Eneko Knörr identified these features as adoption obstacles rather than demand deficiencies.
Knörr said:
“SSK’s quiet tape looks more like a brand and distribution issue than a pure demand problem. Its design isn’t a simple ‘spot SOL in a wrapper’—the fund stakes SOL and can allocate a portion into other SOL ETFs/ETPs, many offshore, which adds complexity that some buyers shy away from.”
The fund charges a 0.75% management fee, positioning it at the higher end of cryptocurrency ETF expense ratios. Traditional spot Bitcoin and Ethereum ETFs from major issuers typically carry fees between 0.15% and 0.25%.
Kennis, from Nansen, noted that the fee structure creates a cost-benefit analysis for institutional investors weighing direct cryptocurrency exposure against ETF convenience.
He referenced Solana’s approximately 7% annual staking rewards:
“The staking component seems like a major feature given the ‘passive’ yield being left on the table.”
Market positioning and future outlook
The absence of major financial institutions like BlackRock and Fidelity in the Solana ETF space contributes to limited market penetration.
REX Shares operates as a smaller ETF issuer without the distribution networks and brand recognition of Wall Street’s largest asset managers.
Knörr argued:
“Early trading will likely remain lumpy until bigger brands enter the space. Structure, complexity, and limited shelf space are holding it back—interest in Solana exposure itself doesn’t appear to be the issue.”
As of Aug. 11, the US Securities and Exchange Commission (SEC) is still considering the approval of Solana ETFs under the more tax-friendly 1933 Act.
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