REX-Osprey Converts Solana ETF SSK Into Tax-Efficient Fund

REX-Osprey, a collaboration between REX Financial and Osprey Funds, has converted its ETF, which is focused on Solana, SSK, from a C-Corporation into a regulated investment company (RIC) as of September 1.
This move aims to make taxes easy for investors, while increasing interest in the fund and support Solana’s market performance.
According to the press release, this fund now passes taxable income and profits directly to shareholders, who handle taxes individually, removing the problem of double taxation that existed under the previous structure.
Greg King, CEO of REX Financial, said the conversion is “an important improvement and step forward for SSK and its investors.” He added, “By moving to a RIC structure, we’re enhancing tax efficiency and aligning SSK with the standard framework used by most ETFs, while continuing to provide first-of-its-kind exposure to Solana and its staking rewards.” The ETF remains unique in the U.S. as it offers both direct Solana exposure and staking bonuses, which adds extra value for investors.
This conversion comes as Interest in the fund has grown quickly. According to Rexshares, the SSK fund recently reached $212,260,750, showing strong demand from investors who want Solana exposure without buying the crypto directly.
This conversion also comes as some Solana ETF filings with the SEC are being updated, hinting that broader approvals may be coming soon.
Notably, Solana’s price reacted to the news. At the time of writing, its trading at $211.50, up 5% in the last 24h, according to CoinMarkCap.
Analyst note that this short term price gain is caused by the rising assets under management and investor enthusiasm, showing how market interest in SSK and Solana is closely linked.
The ETF holds most of its assets directly in Solana and also includes non-U.S. exchange-traded products that provide staking rewards. This setup avoids problems that can affect futures-based products and ensures investors benefit from both price changes and staking bonuses.
With this simpler tax structure, REX-Osprey hopes to attract more retail and institutional investors who want a convenient and tax-friendly way to invest in Solana.
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