VanEck, REX-Osprey & the Road Ahead

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.

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.

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.

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, appealing to investors seeking both growth and passive yield.

On its debut, SSK recorded over $33 million in trading volume and attracted $12 million in inflows, validating strong investor interest. Though not a pure “spot ETF,” it became the first Solana ETF-like product accessible via traditional brokerage accounts.

Other Filings and Competitors in the Race

VanEck and REX-Osprey aren’t alone in the ETF race. Other firms are positioning themselves to capture Solana-based inflows:

• Grayscale is expected to follow a similar playbook to its GBTC-to-ETF conversion with a potential Solana Trust transformation.
• Fidelity is reportedly exploring a multi-asset digital ETF that includes SOL alongside BTC and ETH.
• 21Shares, an aggressive ETF issuer in Europe, filed a notice to list a Solana ETP in the U.S. in 2025.

These entries add mounting pressure on U.S. regulators to develop a consistent and transparent framework for altcoin ETFs beyond Bitcoin and Ethereum.

For more: What is Bitcoin ETF and How Does it Work?

Regulatory Landscape: Timeline for Spot Solana ETF Approval

As of July 2025, the SEC has not yet approved any spot Solana ETF under the 1933 Securities Act, but signs of progress are emerging. On July 5, the Commission requested amended S-1 filings from Solana ETF applicants, setting a hard deadline of July 31—a move that typically indicates a decision may follow within 60 to 90 days. 

First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed. https://t.co/I1yoWNpdd4

— James Seyffart (@JSeyff) June 27, 2024

Analysts now anticipate a formal ruling by October 10, 2025, with Bloomberg Intelligence projecting over a 95% likelihood of approval before the end of the year. This growing optimism is fueled by a combination of legal precedents such as Grayscale’s court victory, increasing institutional demand for diversified crypto exposure, and mounting political pressure for the U.S. to remain competitive in global blockchain innovation.

Spot Solana ETF vs. SSK Fund: Key Differences

While the SSK fund is live and tradable, it differs from a traditional spot ETF in several ways:

Both products have merit, but a true spot ETF would unlock wider accessibility across mainstream brokerage and retirement accounts.

Looking Ahead: Solana and the Future of Altcoin ETFs

With the REX-Osprey product successfully launched and spot ETF applications under review, Solana is closer than ever to joining Bitcoin and Ethereum as a fully integrated asset in U.S. capital markets.

Should the SEC greenlight a spot Solana ETF later in 2025, it would pave the way for other major altcoins like XRP, AVAX, and ADA to follow. Furthermore, product competition could lead to innovation across ETF types—ranging from staking to synthetic yield and even ESG-compliant token baskets.

The journey of Solana ETF applications reflects both the growing legitimacy of crypto assets and the strategic creativity of asset managers navigating U.S. regulatory constraints. From VanEck’s bold filing to the clever workaround by REX-Osprey, each move pushes the crypto-finance frontier forward.

As October 2025 approaches, all eyes will be on the SEC. Whether or not it approves the first spot Solana ETF, the momentum is undeniable. The ETF era for altcoins has officially begun—and Solana is leading the charge.