The first U.S. staked cryptocurrency exchange-traded fund (ETF) will launch on Wednesday, allowing investors to hold Solana (SOL) and earn rewards through staking.
Two days after Cointelegraph reported that the REX-Osprey Solana Staking ETF might be launching soon, the issuer REX Shares confirmed on Monday that the fund will officially list.
As the name suggests, the REX-Osprey fund will provide investors with direct exposure to spot SOL as well as staking income, potentially paving the way for broader institutional adoption of cryptocurrencies.
The launch of the fund follows REX updating its prospectus and receiving positive feedback from the U.S. Securities and Exchange Commission (SEC) regarding its unique C-Corp business structure—an arrangement that regulators had previously deemed in conflict with so-called ETF rules.
The SEC ruled in May that staking does not violate securities laws but still decided to delay decisions on staking ETFs and other altcoin funds.
According to Cointelegraph, the price of Solana briefly surged after the ETF news was announced, climbing 6% to around $158. With this increase, SOL has risen over 12% in the past week.
Based on CoinGecko data, despite the rebound, SOL is still 46% lower than its all-time high in January.
At the current price, Solana has a market capitalization of $83.5 billion, making it the sixth-largest cryptocurrency.
Some analysts speculate that the approval of the Solana ETF could trigger a "summer of altcoins" driven by new altcoin-focused funds.
Bloomberg senior ETF analyst Eric Balchunas noted in June that several such funds are expected to gain approval before July, with Solana potentially "leading the charge."
Solana has also gained momentum in the decentralized exchange (DEX) market, with its DEX trading volume recently surpassing that of Ethereum. According to data from Cointelegraph and TradingView, Raydium, Pump.fun, and Orca are the main contributors to this surge.
Related: BitMine raises $250 million to launch Ethereum (ETH) enterprise treasury
Original article: “The first U.S. staked ETF will launch on Wednesday, providing investors with exposure to Solana (SOL)”
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