Rex-Osprey Solana ETF to Debut 'First-Ever' US Crypto Fund With Staking
Rex Shares and Osprey Funds will launch the first U.S. exchange-traded fund (ETF) offering direct exposure to cryptocurrency with on-chain staking rewards, the Rex-Osprey Solana + Staking ETF, on Wednesday. The fund will hold Solana, the sixth-largest cryptocurrency, through a Cayman Islands subsidiary and aims to generate yield by staking at least half of its holdings. This ETF is not structured as a traditional spot ETF but is registered under the Investment Company Act and taxed as a C-corporation. The launch follows SEC's lack of additional comments on the fund, which was proposed in May alongside an Ethereum ETF. Analysts predict a 95% chance that upcoming spot Solana ETFs will receive regulatory approval within two to four months. Staking, which involves pledging tokens for yield, has raised regulatory concerns. Approximately 80 funds are under SEC review, following the success of Bitcoin and Ethereum ETFs, which have attracted significant investments. Solana's recent trading price is around $155, reflecting a 10% increase over the past week amid optimism for the new fund.
