REX Shares to Launch First Solana Staking ETF in the US
REX Shares is set to launch the first Solana staking exchange-traded fund (ETF) in the United States, with trading expected to begin as early as this week. Bloomberg senior ETF analyst Eric Balchunas revealed on June 28 that the company’s latest filing with the U.S. Securities and Exchange Commission (SEC) indicates that the ETF is ready to go live. The updated prospectus has been filled in, suggesting that all systems are go for an imminent launch.
The proposed ETF, named the REX-Osprey Solana staking ETF, will track Solana’s market performance while generating additional yield through onchain staking rewards. This will allow traditional investors to gain exposure to staking income without the need to directly hold or manage digital assets themselves.
ETF Store president Nate Geraci noted that REX Shares has utilized a unique corporate structure for the fund, a C-corporation under the Investment Company Act of 1940, known as the “40 Act structure.” This innovative approach bypasses regulatory hurdles that have delayed other crypto staking ETF proposals under the standard 19b-4 filing process.
James Seyffart, another senior ETF analyst at Bloomberg, highlighted the rarity of this structure in the ETF world, giving REX Shares a competitive edge as other providers await SEC decisions on similar products.
In a statement released on Friday, REX Shares confirmed that the product is “coming soon,” touting it as the “first-ever staked crypto ETF” in the U.S. The firm emphasized that this marks a new era of yield-generating crypto exposure.
Staking ETFs have been eagerly anticipated as the next frontier in crypto investment products. BlackRock’s head of digital assets, Robbie Mitchnick, previously mentioned that the firm’s Ethereum ETF was successful but lacked staking capabilities.
While the SEC has not yet provided an official launch date for the REX-Osprey Solana staking ETF, the industry is abuzz with excitement for this groundbreaking product. Stay tuned for more updates on this innovative offering.