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 Alternate Fee (SEC).
“Rex additionally filed an up to date prospectus, which completely stuffed 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 submit on Friday.
SEC “comfy” with the distinctive ETF construction
ETF Retailer president Nate Geraci said in an X submit on the identical day that it appears to be like just like 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, also called “the ETF rule.”
“Appears like they’re comfy pushing ahead w/ their inventive ‘40 Act construction,” Geraci mentioned. “Right here we go,” he added.
He beforehand mentioned on Could 29 that REX Shares had taken “the regulatory end-around” with this method.
Echoing Geraci’s sentiment, ETF analyst James Seyffart mentioned the way in which 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 crypto ETF suppliers have used for staking proposals, that are all nonetheless awaiting a choice from the SEC.
Analysts say the SEC’s feedback have been addressed
Geraci mentioned, “Appears like they imagine 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 to be like like. Wow,” Balchunas added.
In a submit 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
REX Shares defined that its REX-Osprey SOL and staking ETF is designed to trace the efficiency of Solana whereas producing yield by onchain staking.
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“A brand new period of yield-generating crypto publicity is right here,” REX Shares mentioned.
Staking has been a long-awaited characteristic 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 “large success” but acknowledged that the ETF is “much less excellent” with out staking.
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