ETF provider REX Shares is set to launch the first Solana staking exchange-traded fund (ETF), with analysts stating that the company has successfully addressed feedback from the U.S. Securities and Exchange Commission (SEC).
ETF analyst Eric Balchunas posted on the X platform on Friday, stating, "Rex has also submitted an updated prospectus, which is fully completed. Overall, it seems everything is system ready and about to launch."
Nate Geraci, president of ETF Store, also posted on the X platform the same day, indicating that the SEC appears to be open to REX Shares' extremely rare C-corporation business structure used in the fund, which the SEC previously considered to conflict with the 6C-11 rule (also known as the "ETF rule").
Geraci stated, "It seems they are satisfied with advancing their innovative '40 Act structure. It's on."
He previously mentioned on May 29 that REX Shares had taken a "regulatory workaround strategy" through this approach.
In agreement with Geraci's viewpoint, ETF analyst James Seyffart noted that the way REX Shares constructed its Solana (SOL) staking ETF proposal is "very rare in the ETF world," as it bypasses the standard 19b-4 application process used by most other crypto ETF providers for staking proposals, which are still awaiting SEC decisions.
Geraci remarked, "It seems they believe the issues have been resolved."
He added, "The summer of crypto ETFs has begun."
Balchunas cited a screenshot of an email confirming that REX Shares has addressed the SEC's comments.
Balchunas further noted, "So it looks like they can launch."
REX Shares posted the same day that the "first staking crypto ETF" in the U.S. is on the way.
REX Shares explained that its REX-Osprey SOL Staking ETF is designed to track the performance of Solana while generating returns through on-chain staking.
REX Shares stated, "A new era of yield-generating cryptocurrency exposure has arrived."
The staking feature has long been a highly anticipated characteristic among many ETF observers in the industry.
On March 20, Robbie Mitchnick, head of BlackRock Digital Assets, described the company's Ethereum ETF as a "huge success," but acknowledged that the ETF was "not perfect" without the staking feature.
Related: Users of crypto AI applications nearly doubled this year, with funding exceeding the total for 2024.
Original article: “Analysts: Solana Staking ETF 'All Systems Go,' Launch Possible Anytime”
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