The first Solana staking exchange-traded fund (ETF) is anticipated to launch shortly, according to analysts. The ETF provider, REX Shares, has addressed the feedback from the US Securities and Exchange Commission (SEC).
ETF analyst Eric Balchunas declared in a recent post, “All systems are ready for immediate launch,” following the submission of a fully completed updated prospectus by REX Shares.
ETF Store president, Nate Geraci, also expressed his optimism on the same day. He suggested that the SEC seems “comfortable” with REX Shares’ unique business structure used within the fund. This structure, a rare c-corp, had previously been pointed out by the SEC as conflicting with the 6C-11 rule, also known as “the ETF rule.”
According to Geraci, “It seems like they are confident in proceeding with their innovative ’40 Act structure.” He also added, “Here we go,” indicating the imminent launch of the ETF.
ETF analyst James Seyffart echoed this sentiment, noting that REX Shares’ approach to structuring their Solana (SOL) staking ETF proposal was “very unusual in the ETF world”. This approach allows them to bypass the standard 19b-4 filing process used by most other ETF providers for staking products, many of which are still awaiting a decision from the SEC.
On a positive note, Geraci announced on Friday, “It seems like they believe the comments have been resolved,” hinting at an imminent launch of the ETF. He added, “Crypto ETF summer commences.”
REX Shares revealed that “the first-ever staked crypto ETF” in the US is forthcoming. This REX-Osprey SOL and staking ETF aims to track Solana’s performance while generating yield through on-chain staking. REX Shares announced, “A new era of yield-generating crypto exposure is here.”
Staking has been eagerly awaited by many in the ETF industry. Earlier this year, Robbie Mitchnick, BlackRock’s head of digital assets, described the firm’s Ether ETF as a “tremendous success,” though he acknowledged the lack of staking as a key limitation.
