ETF provider REX Shares is on the verge of launching the first-ever Solana staking exchange-traded fund (ETF), following what analysts describe as a successful response to feedback from the US Securities and Exchange Commission (SEC).Rex also filed an updated prospectus, which totally filled in.
Add it all up, and it appears as though all systems go for imminent launch, ETF analyst Eric Balchunas said in an X post on Friday.SEC comfortable with the unique ETF structureETF Store president Nate Geraci said in an X post on the same day that it looks like the SEC are open to REX Shares incredibly rare c-corp business structure used in the fund, which the SEC previously argued conflicts with the 6C-11 rule, also known as the ETF rule.Looks like theyre comfortable pushing forward w/ their creative 40 Act structure, Geraci said.
Here we go, he added.
He previously said on May 29 that REX Shares had taken the regulatory end-around with this approach.Echoing Geracis sentiment, ETF analyst James Seyffart said the way that REX Shares structured their Solana (SOL) staking ETF proposal was very rare in the ETF world as it bypasses the standard 19b-4 filing process that most other crypto ETF providers have used for staking proposals, which are all still awaiting a decision from the SEC.Analysts say the SECs comments have been addressedGeraci said, Looks like they believe comments have been resolved.Crypto ETF summer commences, he added.
Balchunas cited an email screenshot to confirm that REX Shares have addressed the SECs comments.Source: Eric BalchunasSo they are good to launch, it looks like.
Wow, Balchunas added.In a post on the same day, REX Shares said that the first-ever staked crypto ETF in the US is coming soon.Staking in crypto ETFs has been highly anticipated by the industryREX Shares explained that its REX-Osprey SOL and staking ETF is designed to track the performance of Solana while generating yield through onchain staking.Related: Solana futures open interest hits $7.4B amid ETF speculation: Is $200 SOL next?A new era of yield-generating crypto exposure is here, REX Shares said.Source: REX SharesStaking has been a long-awaited feature by many ETF spectators in the industry.On March 20, BlackRocks head of digital assets, Robbie Mitchnick, described the firms Ether ETF as a tremendous success but acknowledged that the ETF is less perfect without staking.Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it work?