The first Solana staking exchange-traded fund (ETF) in the U.S. could be just moments away from launch, according to multiple ETF experts. The fund, led by REX Shares, appears to have satisfied the U.S. Securities and Exchange Commission (SEC) after incorporating feedback and updating its filing.
ETF analyst Eric Balchunas noted on Friday that the revised prospectus submitted by REX Shares is now complete. “All signs point to a go for launch,” he said in a post on X (formerly Twitter), hinting that the SEC’s concerns may have been resolved.
SEC Open to Uncommon ETF Structure
The structure used by REX Shares—an unusual C-corporation model under the ’40 Act—had previously raised questions with regulators due to potential conflicts with Rule 6c-11, commonly referred to as the “ETF rule.” But it now seems the SEC is willing to proceed.
Nate Geraci, president of The ETF Store, commented that the SEC appears to be comfortable with the innovative fund design. “Looks like they’re moving forward with this rare ETF setup,” he wrote on X, adding, “Here we go.”
Geraci previously suggested that REX had effectively navigated around regulatory roadblocks with their approach. ETF analyst James Seyffart echoed this, calling the fund’s structure “very rare” in the ETF space, particularly because it avoids the typical 19b-4 process that has stalled other crypto staking ETFs.
SEC Feedback Appears Addressed
“The feedback seems to have been handled,” Geraci added, while Balchunas posted what appeared to be email confirmation that the SEC’s questions had been resolved. “Looks like they’re ready to go live. Wow,” Balchunas said.
REX Shares also hinted at an imminent debut, calling the fund the “first-ever staked crypto ETF” in the U.S. in their own X post.
Industry Buzz Around Staking ETFs
The fund, known as the REX-Osprey SOL ETF, aims to mirror Solana’s price movements while offering returns from staking the crypto asset directly on-chain. This marks a significant development in the ETF landscape, as staking has been one of the most highly anticipated features among crypto ETF advocates.
REX Shares described the launch as the beginning of a new chapter for yield-generating digital asset products. “A new era of crypto exposure with yield potential is arriving,” the firm said.
Even traditional asset managers have expressed interest in staking. Earlier this year, BlackRock’s head of digital assets, Robbie Mitchnick, called their Ether ETF a “major success,” but admitted that it’s “not quite complete” without staking capabilities.
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