The approval of the first Solana (SOL) spot staking ETF marks a pivotal moment for institutional crypto adoption in the United States. On June 30, the REX-Osprey Solana spot staking ETF received regulatory clearance and began trading on July 2, becoming the first U.S. crypto ETF to include on-chain staking rewards. This milestone has reignited investor interest in Solana and triggered a surge in both SOL’s price and broader market sentiment.
Following the announcement, SOL’s price jumped nearly 6%, briefly surpassing $160 before settling around $154. While major financial institutions like VanEck and Bitwise have long awaited approval for their SOL ETF filings, it was the relatively unknown partnership between REX Shares and Osprey Funds that broke through first—offering a fresh blueprint for compliant crypto investment vehicles.
👉 Discover how this breakthrough ETF is reshaping institutional access to staking yields.
Why REX-Osprey’s SOL ETF Stands Out
Among numerous pending ETF applications, the REX-Osprey SOL+Staking ETF emerged as the first to gain substantive regulatory traction. Unlike traditional asset managers using trust-based structures under the 1940 Investment Company Act—which limit participation in on-chain activities—REX-Osprey leveraged a C-Corp structure. This allows direct ownership of SOL and active participation in staking, enabling investors to earn yield without managing private keys or technical infrastructure.
REX Shares, known for innovative ETF designs including leveraged and options-based products, led product architecture and SEC registration. Osprey Funds, with prior experience in crypto trusts like Osprey Bitcoin Trust (OBTC), handled custody, staking execution, and asset management.
This structure enables the fund to stake at least 50% of its SOL holdings via third-party validators, targeting an annual yield of approximately 7%. However, because C-Corps are subject to corporate income tax, the fund does not enjoy tax-exempt status at the entity level—a trade-off for operational flexibility.
According to its SEC filing, the fund is classified as “non-diversified,” meaning it concentrates heavily in SOL-related assets. It's also important to note: this is not a passive index-tracking ETF. Returns may diverge from pure SOL price movements due to staking rewards, liquidity management fees, transaction costs, and potential holdings in other SOL-linked instruments.
While some critics argue that large-scale staking by such funds could centralize network control, the product undeniably opens a compliant gateway for institutional capital into Solana’s ecosystem.
Core Keywords:
- Solana ETF
- SOL staking
- REX-Osprey ETF
- SOL概念股
- Solana ecosystem
- crypto investment
- on-chain staking
Who Are the Solana Version of MicroStrategy? Top U.S. Stocks Holding SOL
As the first SOL ETF launches, investors are increasingly looking toward public companies treating Solana as a core treasury asset—akin to how MicroStrategy embraced Bitcoin. Several U.S.-listed firms have made bold moves to accumulate SOL, integrate with its network, or build financial products around it.
DeFi Development Corporation (DFDV)
DFDV stands out as one of the purest Solana concept plays in the public markets. Formerly Janover—a real estate financing firm—the company underwent a radical transformation after appointing a new leadership team with deep crypto expertise. It rebranded and pivoted entirely to Solana, adopting a strategy of compounding SOL holdings as primary reserves.
In May 2025, DFDV purchased 172,000 SOL in a single transaction, bringing its total treasury to over 600,000 SOL—valued at more than $100 million—representing roughly one-third of its market cap at the time.
Beyond passive holding, DFDV actively participates in network security by operating its own Solana validator nodes. In May, it acquired a node operator for $3.5 million and partnered with Bonk, a popular Solana meme coin, to jointly increase delegated stake and share staking rewards.
DFDV became the first public company to hold liquid staking derivatives (LSDs), unlocking secondary utility from its assets. Since rebranding in April 2025, its stock surged over 30x within two months, peaking at $156.99—a year-to-date gain exceeding 3,100%.
👉 See how companies like DFDV are turning crypto into productive treasury assets.
SOL Strategies Inc. (CSE: HODL | OTC: CYFRF)
Originally Cypherpunk Holdings, this Canada-based firm repositioned itself under new CEO Leah Wald in September 2024, renaming to SOL Strategies Inc. and shifting focus exclusively to Solana.
Within six months, its SOL holdings grew from zero to over 239,000 tokens, while reducing Bitcoin holdings from 215 BTC to just 3—signaling a full strategic pivot.
SOL Strategies doesn't just hold; it operates high-performance validator nodes managing over 1.65 million SOL in total stake (with ~240,000 being self-owned). The platform earns around 7% annual yield through staking services.
In April 2025, the company announced a $500 million convertible bond facility with ATW Partners. The structure is innovative: interest is paid primarily through staking rewards, with investors receiving up to 85% of generated yield. This aligns investor returns directly with blockchain performance.
With plans to list on Nasdaq, SOL Strategies aims to become North America’s first publicly traded pure-play Solana ecosystem company.
Classover Holdings, Inc. (NASDAQ: KIDZ)
Classover Holdings, an online children’s education provider, surprised markets in early June 2025 by announcing a Solana treasury reserve plan. Partnering with Solana Growth Ventures, the company launched a $500 million secured convertible note program, allocating 80% of proceeds to purchase and hold SOL.
It started with an initial buy-in of 6,472 SOL (~$1.1 million). The move sent shares soaring—up 46% intraday on June 3—highlighting strong market appetite for corporate crypto adoption narratives.
Upexi, Inc. (NASDAQ: UPXI)
Upexi, a consumer brand company, announced in April 2025 a $100 million raise dedicated to building a Solana-based financial reserve. GSR, a leading crypto market maker, co-led the private placement.
The stock responded explosively, rising over 600% in days. More recently, Upexi took further steps into Web3: on June 26, it announced plans to tokenize its SEC-registered shares on the Solana blockchain via Opening Bell.
It now holds approximately 735,692 SOL (~$105 million), up by about 56,000 tokens in the past month alone. With growing integration between traditional finance and Solana’s infrastructure—including Robinhood and Kraken launching tokenized stock products—Upexi continues to attract speculative interest.
Other global firms are also joining in. Australia-listed DigitalX (ASX: DCC) increased its staked SOL position to 83,150 tokens in May 2025, expecting 7–9% annual returns—adding ~$350,000 in annual income. The firm emphasizes that unlike “sleeping” Bitcoin reserves, staked SOL generates yield while participating in a high-growth ecosystem.
Solana Ecosystem Gems: DEXs and LSD Protocols Poised for Growth
Beyond equities, native Solana protocols are seeing renewed attention post-ETF approval—particularly in decentralized exchanges (DEXs) and liquid staking derivatives (LSDs).
Raydium (RAY)
As one of Solana’s earliest and most liquid DEXs, Raydium remains a cornerstone of on-chain trading. Over 55% of all trades routed through Jupiter—the dominant aggregator—settle on Raydium pools.
With deep liquidity and strong fee mechanics—including regular buybacks and burns of RAY tokens (over 10% of supply already removed)—the protocol benefits directly from increased network activity. Following the ETF news, RAY briefly spiked 6% above $2.20 before stabilizing near $2.10.
Jupiter (JUP)
Jupiter is Solana’s leading swap aggregator and critical infrastructure layer. By optimizing trade routes across Raydium, Orca, and others, it captures up to 60% of total volume—and over 80% of organic user-driven trades.
Its role is arguably more central than similar tools on Ethereum due to Solana’s low fees enabling cost-effective multi-hop routing. After recent catalysts including the ETF approval and XSTOCKS developments, JUP surged over 9% to $0.48 before retracing to $0.45.
Jito (JITO)
Jito dominates Solana’s liquid staking space with over $1.7 billion in total value locked (TVL)—the highest of any protocol on the chain. After Lido exited Solana in late 2023, Jito quickly captured market share through its MEV-enhanced staking model.
By allowing validators to capture maximum extractable value and redistributing part of those gains to stakers via Jito-SOL tokens, it offers superior yields and attracts institutional capital.
DFDV’s purchase of Jito-SOL marked the first time a public company adopted LSDs—a validation of the model’s legitimacy. JITO’s native token may eventually earn protocol revenue through future fee-sharing mechanisms.
After the ETF announcement, JITO spiked nearly 14% to $2.49 but has since settled around $2.14—still positioning it as a key bet on Solana’s next growth phase.
Frequently Asked Questions
Q: What makes the REX-Osprey ETF different from other crypto ETFs?
A: It's the first U.S.-approved ETF that includes on-chain staking rewards. Most crypto ETFs only hold spot assets without earning yield; this fund stakes at least 50% of its SOL holdings.
Q: Can I earn staking rewards through this ETF?
A: Yes—indirectly. The fund earns ~7% annual yield from staking and distributes returns through NAV growth and potential dividends.
Q: Is holding SOL through an ETF better than self-custody?
A: For institutional or risk-averse investors seeking compliance and simplicity, yes. But self-custody offers full control and potentially higher yields if managed properly.
Q: Which stock has the largest SOL holdings?
A: Upexi (UPXI) leads with over 735,000 SOL (~$105M), followed by DFDV with over 600,000.
Q: How do liquid staking derivatives like Jito-SOL work?
A: They represent staked SOL while remaining tradable or usable in DeFi—offering liquidity without sacrificing yield.
Q: Will more Solana ETFs be approved soon?
A: The REX-Osprey approval sets a precedent. Other applicants like VanEck may revise their structures to include staking under similar frameworks.
👉 Stay ahead of the next wave of crypto innovation with real-time market insights.