Breaking News – July 1 (Edited by Shi Zhengcheng) Growing evidence suggests that the deepening integration of the "crypto sphere" with traditional financial markets will be one of the most notable transformations in global capital markets this summer.
In the latest development, U.S. financial services firm REX Shares announced on Monday that the first staking cryptocurrency ETF in the U.S. stock market will debut this Wednesday, trading under the ticker SSK with a management fee of 0.75%.
Unlike existing Bitcoin and Ethereum ETFs in the U.S. market, a staking ETF goes beyond merely holding and tracking crypto tokens—it actively generates additional yield through operational strategies.
According to reports, the Solana Staking ETF, developed by REX Shares in collaboration with digital asset management firm Osprey, will hold Solana spot tokens and related funds while deploying a portion of the tokens for staking to generate extra income.
The staking process, which unlocks additional rewards, is rooted in the underlying logic of Proof-of-Stake (PoS) systems like Ethereum and Solana. To maintain vast decentralized ledgers, blockchains require "validators" to process transactions and package blocks. Only those who "stake" tokens into the system—thereby assuming risk—qualify to validate transactions and earn block rewards along with a share of transaction fees.
Commenting on this advancement, Strahinja Savic, Head of Data & Strategy at alternative asset trading platform FRNT Financial, noted that approving ETFs offering staking rewards represents another milestone in the marriage between public markets and the crypto economy.
He also suggested that given the current U.S. administration's push to adopt and popularize dollar-backed stablecoins, introducing staking rewards into secondary markets via ETFs aligns with this goal—enabling investors to participate in blockchain-based dollar transactions.
Notably, the approval of these innovative ETFs has posed challenges for the U.S. Securities and Exchange Commission (SEC). Both regulators and the crypto industry argue that many tokens fall outside the legal definition of securities under U.S. law and thus should not be under SEC jurisdiction. After prolonged negotiations, a compromise was reached: the SSK fund will allocate "at least 40% of its assets" to other ETFs or exchange-traded products (ETPs), most of which are registered outside the U.S.
However, additional operations on crypto holdings also introduce extra risks and regulatory gray areas. Current uncertainties include operational risks tied to staking, distribution methods for staking rewards, and tax implications. In the U.S., related rules remain in flux.
From a broader perspective, the approval of these novel crypto ETFs signals accelerated convergence between the "crypto sphere" and traditional U.S. stock markets.
A wave of staking-based crypto products is expected to follow. Nate Geraci, President of wealth management solutions firm ETF Store, stated that SSK's approval marks the start of a "Crypto Summer," predicting an influx of ETF launches in coming months. This fund is the first, paving the way for staking features in spot Ethereum ETFs soon.
Alongside progress in crypto ETFs, the tokenization of U.S. equities is also gaining momentum.
Online brokerage Robinhood announced Monday at Cannes, France, that it will introduce tokenized stocks of OpenAI and SpaceX to European users. These high-profile companies remain unlisted, making their equity historically accessible only to employees and ultra-high-net-worth investors.
This move signifies that beyond secondary market stocks, private equity is now entering retail trading via blockchain. Following the news, Robinhood surged 12.7% on Monday, hitting a record high. The platform already supports over 200 tokenized stocks and ETFs, offering zero-commission, zero-spread trading 24/5 (24 hours a day, five days a week).
(Robinhood daily chart, source: TradingView)
Although Robinhood, OpenAI, and SpaceX are all U.S.-based, American retail investors cannot access these trades yet, as tokenized stocks await regulatory approval in the U.S.
FAQ Section
What is a staking cryptocurrency ETF?
A staking ETF holds crypto tokens and actively stakes them to generate additional yield, unlike passive ETFs that merely track prices.
How does staking work in PoS blockchains?
Validators stake tokens to participate in transaction verification, earning rewards for maintaining network security and processing transactions.
Why is the SEC involved in crypto ETFs?
The SEC regulates securities in the U.S. Disputes arise when determining whether certain crypto tokens qualify as securities under existing laws.
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Can U.S. investors trade tokenized stocks?
Currently, no—tokenized stocks like those of OpenAI and SpaceX are only available to European users via platforms like Robinhood.
What risks come with staking ETFs?
Risks include operational failures in staking, unclear reward distributions, and evolving tax policies, especially in the U.S.
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Will more staking ETFs emerge soon?
Analysts predict a wave of new crypto ETFs, including those with staking features, following SSK's debut.
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