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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REX Shares has launched the Bitcoin Corporate Treasury Convertible Bond (BMAX) ETF, designed to give investors access to convertible bonds issued by companies using debt to acquire Bitcoin.

The fund, announced on March 14, will target firms that incorporate Bitcoin into their corporate treasuries. Over recent years, publicly traded companies have increasingly turned to convertible notes to raise funds for BTC purchases.

Strategy, under executive chairman Michael Saylor, pioneered the approach, acquiring a significant portion of its 499,096 BTC holdings through convertible bond issuances. Other firms, including Metaplanet, have followed suit.

BMAX simplifies access to these bonds by packaging them into a single, actively managed ETF. The fund will focus on key issuers such as Strategy, offering a structured way for investors to gain exposure to this market.

The ETF aims to balance debt security and potential equity upside. This structure allows investors to benefit from companies leveraging BTC as part of their treasury strategy while capitalizing on the advantages of convertible bonds.

By offering a regulated investment vehicle, BMAX removes the complexity of sourcing individual bonds or managing direct BTC ownership. Investors can engage with this market in a more controlled manner without dealing with the volatility of holding Bitcoin directly.

REX Financial CEO Greg King described BMAX as the first ETF to provide access to convertible bonds tied to corporate BTC holdings.

He noted that individual investors previously faced hurdles in reaching these bonds, but BMAX eliminates those barriers, making it easier to participate in corporate strategies that use debt to acquire Bitcoin.

This ETF joins a growing list of Bitcoin-related financial products that do not require direct Bitcoin ownership. It follows recent launches of ETFs focused on Bitcoin mining stocks and treasury-backed Bitcoin investments.

The expansion of these offerings reflects Bitcoin’s increasing presence in traditional finance, highlighting investment opportunities beyond spot Bitcoin ETFs.

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