- The Rex-Osprey Solana + Staking ETF is set to launch in the U.S., offering direct exposure to Solana with staking rewards.
- The fund will hold Solana through a Cayman Islands subsidiary and stake at least 50% of its assets.
- This ETF is registered under the Investment Company Act and taxed as a C-corp, differing from traditional spot ETFs.
- The launch precedes at least nine spot Solana ETF applications awaiting SEC approval in the U.S.
- Recent optimism around Solana funds has contributed to a price increase, with Solana trading at about $155.
Rex Shares and Osprey Funds will introduce a new U.S. exchange-traded fund on Wednesday that provides direct exposure to Solana and includes on-chain staking rewards. The product, called the Rex-Osprey Solana + Staking ETF, is the first U.S. ETF to hold cryptocurrency and stake a portion of its holdings to generate yield.
According to the fund’s prospectus, the ETF will hold Solana, the sixth-largest cryptocurrency by market capitalization, through a Cayman Islands subsidiary. The fund plans to stake at least half of its Solana assets, aiming to provide additional returns to investors.
A spokesperson confirmed the ETF’s launch in an email, following an X post from Rex Shares announcing its arrival. The fund will have a structure distinct from typical spot ETFs for Bitcoin and Ethereum. Instead of following the commodity trust model, it is registered under the Investment Company Act and classified for tax purposes as a C-corporation.
This announcement comes as at least nine spot Solana ETF filings remain under review by the Securities and Exchange Commission, all seeking approval to offer direct market exposure to Solana. Seven issuers have recently updated their applications with clarified language on staking practices. Bloomberg analysts estimate a 95% chance of SEC approval for these funds within the next two to four months.
Staking, which involves pledging cryptocurrency to help operate a decentralized network in return for rewards, has drawn regulatory scrutiny in past years over concerns about its risks. Recent filings address these issues as the SEC considers about 80 digital asset fund applications, following the success of spot Bitcoin and Ethereum ETFs. Bitcoin-based ETFs have attracted almost $50 billion in investments, while Ethereum funds hold about $4.1 billion in assets.
Solana’s value recently climbed 2% in 24 hours, trading at roughly $155, per CoinGecko. The crypto asset has risen approximately 10% over the past week amid growing interest in Solana-focused ETFs.
Bloomberg ETF analyst Eric Balchunas stated in an X post that Rex Shares and Osprey Funds are moving quickly to launch their fund before approval of spot ETFs. "They’re no doubt trying to get it to [market] ahead of the spot ones," he wrote, adding that the SEC’s lack of additional comments signals the fund is ready to launch.
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