First Solana ETF in USA With Staking Set to Launch
The first cryptocurrency ETF in the United States to feature staking is set to launch on Wednesday, offering investors the opportunity to hold Solana and earn staking rewards.
REX Shares confirmed on Monday that the REX-Osprey Solana and Staking ETF would begin trading, just two days after speculation surfaced about its imminent debut. This new fund will provide investors with direct access to spot SOL and staking yield, potentially helping to attract more institutional interest in crypto assets.
The ETF’s launch follows updates to REX’s prospectus and supportive comments from the U.S. Securities and Exchange Commission (SEC) regarding its C-Corp structure, which had previously raised concerns about compliance with ETF regulations.
While the SEC determined in May that staking does not violate securities laws, it has yet to fully approve a broader range of staked ETFs and altcoin-focused funds.
Following the announcement, Solana’s price rose by 6% to about $158, bringing its seven-day gains to over 12%. Despite the uptick, SOL still trades 46% below its all-time high recorded in January, according to CoinGecko.
At current levels, Solana’s market cap sits at $83.5 billion, ranking it as the sixth-largest cryptocurrency. Some analysts believe that approval of Solana-based ETFs may lead to increased demand for altcoins, potentially marking the beginning of a broader “altcoin summer.”
In June, Bloomberg ETF analyst Eric Balchunas highlighted that several similar funds were progressing toward approval, with Solana seen as a front-runner.
Meanwhile, Solana has also seen strong growth in decentralized exchange activity, with its DEX trading volumes recently overtaking that of Ethereum. Key platforms contributing to this rise include Raydium, Pump.fun, and Orca.
Sources:
https://cointelegraph.com/news/first-us-staked-crypto-etf-solana-launch
https://x.com/EricBalchunas/status/1932527239679095097