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 crammed in. Add all of it up, and it seems as if all techniques go for imminent launch,” ETF analyst Eric Balchunas said in an X put up on Friday.
SEC seems to be “comfy” with the distinctive ETF construction
ETF Retailer president Nate Geraci said in an X put up on the identical day it seems that the SEC are open to REX Shares incredibly rare c-corp business structure used within the fund, which the SEC beforehand argued conflicts with the 6C-11 rule, colloquially referred to as “the ETF rule.”
“Seems to be like they’re comfy pushing ahead w/ their artistic ‘40 Act construction,” Geraci stated. “Right here we go,” he added. He beforehand stated on Could 29 that REX Shares had taken “the regulatory end-around” with this strategy.
Echoing Geraci’s sentiment, ETF analyst James Seyffart stated 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 ETF suppliers have used for staking merchandise, a lot of that are nonetheless awaiting a choice from the SEC.
Analysts say the SEC’s feedback have been addressed
Nonetheless, on Friday, Geraci stated, “Seems to be like they consider feedback have been resolved.”
“Crypto ETF summer season commences,” he added.
Balchunas cited an electronic mail screenshot to verify that REX Shares have addressed the SEC’s feedback.
“So they’re good to launch, it appears like. Wow,” Balchunas added.
In a put up on the identical day, REX Shares said that “the first-ever staked crypto ETF” within the US is coming quickly.
Staking in crypto ETFs has been extremely anticipated by the trade
It 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 stated.
Staking has been a long-awaited function by many ETF spectators within the trade.
On March 20, BlackRock’s head of digital belongings, Robbie Mitchnick, described the agency’s Ether ETF as a “great success” but acknowledged a key limitation. Mitchnick stated that the ETF is “much less excellent” with out staking.
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