Rex-Osprey Solana ETF to Debut ‘First-Ever’ US Crypto Fund With Staking

Rex Shares and Osprey Funds will listing the primary U.S. exchange-traded fund providing direct publicity to a cryptocurrency with on-chain staking rewards on Wednesday, a spokesperson has confirmed to Decrypt.

The Rex-Osprey Solana + Staking ETF will maintain Solana, the sixth-largest digital asset by market capitalization, by way of a Cayman Islands subsidiary, aiming to generate yield by staking at the very least half of these holdings, based on a prospectus.

The fund “might be launching,” the spokesperson confirmed in a Monday e mail to Decrypt, simply hours after fund Rex Shares teased in an X publish that the fund can be arriving “Wednesday.”

It marks the “first-ever staked crypto ETF within the U.S.,” Rex Shares stated in its publish.

It is value noting that whereas the Rex-Osprey ETF holds Solana instantly and tracks its spot value, it isn’t structured as a spot ETF within the conventional regulatory sense.

As a substitute, it’s registered underneath the Funding Firm Act and taxed as a C-corporation, in distinction to the commodity belief construction utilized by Bitcoin and Ethereum spot ETFs.

Rex Shares’ publish on X comes simply three days after the SEC responded to the corporate’s letter earlier on Friday, stating that it had no further feedback on the fund. Rex and Osprey proposed the ETF in Might, together with an Ethereum ETF that may additionally present staking rewards.

The fund’s launch comes forward of a possible wave of spot Solana ETFs, that are anticipated to be registered underneath the Securities Act, with at the very least 9 filings presently underneath overview by the SEC. Seven of these issuers not too long ago filed amended S-1 kinds particularly clarifying language round staking.

Bloomberg analysts have projected a 95% likelihood that these ETFs will obtain the regulatory inexperienced mild, doubtless throughout the subsequent two to 4 months.

Staking refers back to the technique of pledging tokens to a decentralized community in trade for yield, or monetary rewards. It has been a delicate concern for regulators within the prior administration, who expressed considerations over the monetary and security-related dangers posed by the observe.

The SEC is presently reviewing functions for about 80 funds that both observe the continued efficiency of a significant altcoin or present another variation of publicity to digital property. These proposals observe the dramatic success of spot Bitcoin ETFs and the respectable efficiency of spot Ethereum funds since their approval final 12 months.

The Bitcoin-focused merchandise have accrued practically $50 billion in web investments, whereas the Ethereum funds have netted about $4.1 billion in property.



Solana was not too long ago buying and selling at about $155, up greater than 2% over the previous 24 hours, based on information supplier CoinGecko. The asset, which has carried out sluggishly for a lot of the 12 months, has risen about 10% in the course of the previous week amid rising optimism in regards to the prospects of a Solana fund.

In an X publish on Friday, Bloomberg Senior ETF Analyst Eric Balchunas speculated that Rex and Osprey had been making an attempt to introduce their Solana product earlier than the spot funds garner approval.

“They’re little question making an attempt to get it to [market] forward of the spot ones,” he wrote, including: “…right here’s the SEC saying it has no additional feedback, so they’re good to launch it appears like. Wow.”

Edited by Sebastian Sinclair