REX Shares is on the verge of rolling out a staked Solana ETF, following a crucial feedback from the US Securities and Exchange Commission (SEC). On June 27, REX Shares reached out to the regulatory body to verify if all issues related to its proposed staking ETFs for Solana and Ethereum have been addressed.
The SEC responded without any additional comments, sparking hope for a potential launch soon. Industry experts posit this could pave the way for REX Shares to introduce the nation’s first cryptocurrency ETF tracking staking rewards on the Solana blockchain.
Bloomberg’s Eric Balchunas, a leading ETF analyst, suggested that the SEC’s absence of objections is a significant indicator. He believes that this implies the proposal is likely on the brink of approval. “Rex also submitted a revised prospectus, which is entirely filled in. All things considered, it seems all systems are go for an impending launch. $SSK is the ticker,” Balchunas added.
Interestingly, REX Shares has initiated marketing its product as the inaugural staked crypto ETF in the US. The firm states that the product will trail Solana’s performance while generating returns through on-chain staking. However, it’s important to note that the SEC has not yet officially approved the product.
If given the green light, this would position REX Shares as the pioneer in offering a staking-based crypto ETF, outpacing competitors still chasing spot Solana products.
Nate Geraci, the president of ETF Store, highlighted that such a move could act as a stimulus for the industry. He suggested that this might inspire other applicants to investigate staked crypto offerings. “Seems like they believe comments have been addressed…Crypto ETF summer kicks off,” he noted.
Last month, the SEC achieved significant regulatory progress. The agency clarified that staking models alone do not inherently fall under securities laws. It also stated that additional features, such as bundled services or early redemption options, do not necessarily change that status. This guidance has motivated numerous asset managers to reconsider their ETF strategies. Many have submitted new proposals focusing on income-generating digital assets.
