ETF supplier REX Shares is on the verge of launching the first-ever Solana staking exchange-traded fund (ETF), following what analysts describe as a profitable response to suggestions from the US Securities and Trade Fee (SEC).
“Rex additionally filed an up to date prospectus, which completely stuffed in. Add all of it up, and it seems as if all programs go for imminent launch,” ETF analyst Eric Balchunas mentioned in an X publish on Friday.
SEC “snug” with the distinctive ETF construction
ETF Retailer president Nate Geraci mentioned in an X publish on the identical day that it seems just like the SEC are open to REX Shares extremely uncommon c-corp enterprise construction used within the fund, which the SEC beforehand argued conflicts with the 6C-11 rule, also referred to as “the ETF rule.”
“Seems like they’re snug pushing ahead w/ their inventive ‘40 Act construction,” Geraci mentioned. “Right here we go,” he added.
He beforehand mentioned on Might 29 that REX Shares had taken “the regulatory end-around” with this strategy.
Echoing Geraci’s sentiment, ETF analyst James Seyffart mentioned the best way that REX Shares structured their Solana (SOL) staking ETF proposal was “very uncommon within the ETF world” because it bypasses the usual 19b-4 submitting course of that almost all different crypto ETF suppliers have used for staking proposals, that are all nonetheless awaiting a call from the SEC.
Analysts say the SEC’s feedback have been addressed
Geraci mentioned, “Seems like they imagine feedback have been resolved.”
“Crypto ETF summer season commences,” he added.
Balchunas cited an e mail screenshot to substantiate that REX Shares have addressed the SEC’s feedback.
“So they’re good to launch, it seems like. Wow,” Balchunas added.
In a publish on the identical day, REX Shares mentioned that “the first-ever staked crypto ETF” within the US is coming quickly.
Staking in crypto ETFs has been extremely anticipated by the business
REX Shares defined that its REX-Osprey SOL and staking ETF is designed to trace the efficiency of Solana whereas producing yield via onchain staking.
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“A brand new period of yield-generating crypto publicity is right here,” REX Shares mentioned.
Staking has been a long-awaited characteristic by many ETF spectators within the business.
On March 20, BlackRock’s head of digital belongings, Robbie Mitchnick, described the agency’s Ether ETF as a “large success” however acknowledged that the ETF is “much less good” with out staking.
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