ETF provider REX Shares is on the verge of launching the first-ever Solana staking exchange-traded fund (ETF), following what analysts describe as a successful response to feedback from the US Securities and Exchange Commission (SEC).
โRex also filed an updated prospectus, which totally filled in. Add it all up, and it appears as though all systems go for imminent launch,โ ETF analyst Eric Balchunas said in an X post on Friday.
SEC โcomfortableโ with the unique ETF structure
ETF Store president Nate Geraci said in an X post on the same day it appears that the SEC are open to REX Shares incredibly rare c-corp business structure used in the fund, which the SEC previously argued conflicts with the 6C-11 rule, colloquially known as โthe ETF rule.โย
โLooks like theyโre comfortable pushing forward w/ their creative โ40 Act structure,โ Geraci said. โHere we go,โ he added. He previously said on May 29 that REX Shares had taken โthe regulatory end-aroundโ with this approach.
Echoing Geraciโs sentiment, ETF analyst James Seyffart said the way that REX Shares structured their Solana (SOL) staking ETF proposal was โvery rare in the ETF worldโ as it bypasses the standard 19b-4 filing process that most other ETF providers have used for staking products, many of which are still awaiting a decision from the SEC.
Analysts say the SECโs comments have been addressed
However, on Friday, Geraci said, โLooks like they believe comments have been resolved.โ
โCrypto ETF summer commences,โ he added.
Balchunas cited an email screenshot to confirm that REX Shares have addressed the SECโs comments.
โSo they are good to launch, it looks like. Wow,โ Balchunas added.
In a post on the same day, REX Shares said that โthe first-ever staked crypto ETFโ in the US is coming soon.
Staking in crypto ETFs has been highly anticipated by the industry
It explained that its REX-Osprey SOL and staking ETF is designed to track the performance of Solana while generating yield through onchain staking.
Related: Solana futures open interest hits $7.4B amid ETF speculation: Is $200 SOL next?
โA new era of yield-generating crypto exposure is here,โ REX Shares said.
Staking has been a long-awaited feature by many ETF spectators in the industry.
On March 20, BlackRockโs head of digital assets, Robbie Mitchnick, described the firmโs Ether ETF as a โtremendous successโ but acknowledged that the ETF is โless perfectโ without staking.
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