The approval of the first Solana (SOL) spot staking ETF marks a pivotal moment for crypto adoption in traditional finance. On June 30, the REX-Osprey Solana spot staking ETF received regulatory clearance and began trading on July 2, becoming the first U.S.-listed crypto ETF to include on-chain staking rewards. This breakthrough has reignited investor interest in Solana-related assets across both public markets and decentralized ecosystems.
Following the announcement, SOL surged nearly 6%, briefly surpassing $160 before settling around $154. While major financial institutions like VanEck and Bitwise have stalled in their ETF applications, an under-the-radar partnership between REX Shares and Osprey Funds has taken the lead—ushering in a new era of yield-bearing crypto investment vehicles.
What Makes REX-Osprey’s SOL ETF Different?
Unlike traditional ETF structures filed under the 1940 Investment Company Act—which typically hold only spot assets without participating in staking—the REX-Osprey ETF uses a C-Corp structure. This allows it to actively stake SOL on-chain, generating additional yield for investors.
While this model forfeits tax-exempt status at the fund level (requiring corporate income tax payments), it offers a significant advantage: direct participation in Solana's validator network. According to the prospectus, the fund plans to stake at least 50% of its SOL holdings through trusted custodians and validators, targeting an estimated annual yield of around 7%.
This structure was initially met with skepticism from regulators due to operational complexity and risk exposure. However, after revising its filing and addressing SEC concerns, REX-Osprey secured a "no further comment" letter—effectively greenlighting the product.
The SEC classifies the fund as “non-diversified,” meaning it concentrates heavily in a single asset class.
It’s important to note that this is not a passive index-tracking ETF. Because returns are influenced by staking rewards, transaction fees, liquidity management costs, and potential holdings in other SOL-related ETFs, performance may diverge from pure SOL price movements. Still, for institutional investors seeking regulated exposure to staking yields, this ETF opens a long-awaited gateway.
Who Are the Solana Analogues to MicroStrategy in Public Markets?
As the SOL ETF gains traction, public market investors are turning attention to U.S.-listed companies embracing Solana as a treasury reserve asset—mirroring MicroStrategy’s Bitcoin strategy.
DeFi Development Corporation (DFDV)
Formerly known as Janover—a real estate financing firm—DFDV underwent a radical transformation after Joseph Orara, former Kraken strategist, took leadership. The company liquidated legacy operations and pivoted entirely to Solana.
In May, DFDV made headlines by purchasing 172,000 SOL in a single transaction, bringing its total holdings above 600,000 SOL—valued at over $100 million. This represents roughly one-third of its market cap, making it one of the most concentrated Solana bets in the public sphere.
But DFDV doesn’t just hold; it participates. In early May, it acquired a Solana validator node for $3.5 million and partnered with Bonk, a popular Solana meme coin, to jointly delegate and share staking rewards. As the first publicly traded company to run its own node and hold liquid staking derivatives (LSDs), DFDV has turned its balance sheet into an active income generator.
The market responded aggressively: shares soared over 30x within two months of rebranding, peaking at $156.99 in mid-May—a year-to-date gain exceeding 3,133%.
👉 See how companies are turning crypto holdings into income-generating engines.
SOL Strategies Inc. (CSE: HODL / OTC: CYFRF)
Originally Cypherpunk Holdings, this Canadian firm rebranded in September 2024 under CEO Leah Wald to focus exclusively on Solana. It has rapidly accumulated over 239,000 SOL while reducing its Bitcoin holdings from 215 BTC to just 3.
Beyond holding, SOL Strategies operates high-performance validator nodes managing over 1.65 million SOL in total stake—about 240,000 of which are self-owned—with an average annual yield near 7%.
To scale further, the company announced a $500 million convertible bond facility on April 23. The first tranche of $20 million has already been issued, with interest paid via staking rewards—investors receive 85% of generated SOL yields. This innovative structure links fixed-income returns directly to blockchain productivity.
SOL Strategies is also preparing for a Nasdaq listing, which could make it North America’s first pure-play Solana-focused public company.
Classover Holdings, Inc. (NASDAQ: KIDZ)
An unexpected entrant, Classover is an online children’s education platform that entered the Solana space in June. It signed an agreement with Solana Growth Ventures to issue up to $500 million in secured convertible notes to fund SOL purchases.
On June 2, it acquired 6,472 SOL (~$1.1 million) as an initial reserve. With plans to allocate 80% of future proceeds toward buying SOL, the move signaled a strategic shift. The market reacted swiftly—the next day, KIDZ stock jumped 46%, closing at $5.45.
Upexi, Inc. (NASDAQ: UPXI)
Upexi, a consumer brand company, announced in April a $100 million raise dedicated to building a Solana treasury—90% reserved for crypto investments. Backed by GSR, a leading crypto market maker, Upexi saw its stock surge over 6x post-announcement.
More recently, on June 26, Upexi revealed plans to tokenize its SEC-registered shares on the Solana blockchain via Opening Bell. Over the past month, it added approximately 56,000 SOL and now holds a total of 735,692 SOL—worth about $105 million at current prices.
With growing momentum from ETF approvals and platforms like Robinhood and Kraken launching on-chain stock products, UPXI surged another 15% following the news.
Other firms like Australia’s DigitalX (ASX: DCC) have also embraced Solana staking. In May, it increased its SOL holdings to 83,150 and fully staked them—projecting $350,000 in annual yield at 7–9% returns. For DigitalX, holding SOL isn’t passive speculation—it’s active capital deployment.
Key Solana Ecosystem Plays: DEXs and LSD Protocols
Beyond equities, native Solana protocols are capturing investor attention—especially decentralized exchanges (DEXs) and liquid staking derivatives (LSDs).
Raydium (RAY)
As one of Solana’s oldest DEXs, Raydium remains a core liquidity hub. Over 55% of all Solana trades routed through Jupiter ultimately settle on Raydium. Its deep pools rival Uniswap across chains.
RAY benefits directly from rising network activity. After the ETF news broke, RAY spiked over 6%, briefly crossing $2.20 before stabilizing near $2.10.
Jupiter (JUP)
Jupiter dominates as Solana’s primary trading aggregator, routing 50–60% of all swap volume—and over 80% of organic user traffic. Its efficiency stems from Solana’s low fees, enabling cost-effective multi-leg trades.
Post-ETF announcement, JUP rose over 9%, hitting $0.48 before pulling back to $0.45.
Jito (JITO)
Jito leads Solana’s LSD sector with $1.7 billion in total value locked—the highest of any protocol on the chain. By incorporating MEV (Maximal Extractable Value) rewards into staking yields, Jito attracts institutional-grade capital.
DFDV’s purchase of Jito-SOL marked the first time a public company held liquid staked tokens—a milestone validating the LSD model.
JITO token holders may eventually benefit from protocol revenue sharing. After the ETF approval, JITO spiked 14%, reaching $2.49 before settling at $2.14.
Frequently Asked Questions
Q: Is the REX-Osprey ETF fully passive?
A: No—it's an actively managed "yield-enhanced" fund that stakes SOL and may hold other related assets, so its performance won’t perfectly track SOL price movements.
Q: Why did a lesser-known firm get approval before giants like VanEck?
A: REX-Osprey used a C-Corp structure allowing direct staking—though taxable—which simplified compliance compared to traditional trust models facing regulatory scrutiny over staking risks.
Q: Can U.S. investors access Jito or Raydium directly?
A: Not through regulated ETFs yet—but they can invest via crypto exchanges or indirectly through public companies like DFDV that participate in these protocols.
Q: How do companies like DFDV benefit from staking?
A: They earn yield on their holdings—turning dormant assets into income streams—while also gaining deeper integration into the Solana ecosystem.
Q: Are there risks in investing in "SOL概念股" (SOL concept stocks)?
A: Yes—these are often small-cap stocks with high volatility. Their valuations can decouple from SOL’s price due to speculative trading and corporate execution risks.
Q: Will more Solana-based ETFs follow?
A: Likely—this first approval sets a precedent. Expect broader Solana ecosystem ETFs covering tokens like JUP or RAY if regulatory clarity improves.