ETF supplier REX Shares has addressed suggestions from the US Securities and Trade Fee and is anticipated to quickly launch the first-ever Solana staking exchange-traded fund, analysts say.
“Rex additionally filed an up to date prospectus, which completely stuffed in. Add all of it up, and it seems as if all methods go for imminent launch,” ETF analyst Eric Balchunas stated in an X put up on Friday.
SEC seems to be “comfy” with the distinctive ETF construction
ETF Retailer president Nate Geraci stated in an X put up on the identical day that it seems that the SEC are open to REX Shares extremely uncommon c-corp enterprise construction used within the fund, which the SEC beforehand argued conflicts with the 6C-11 rule, colloquially often known as “the ETF rule.”
“Appears like they’re comfy pushing ahead w/ their inventive ‘40 Act construction,” Geraci stated. “Right here we go,” he added. He beforehand stated on Might 29 that REX Shares had taken “the regulatory end-around” with this method.
Echoing Geraci’s sentiment, ETF analyst James Seyffart stated 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 the majority different ETF suppliers have used for staking merchandise, lots of that are nonetheless awaiting a choice from the SEC.
Analysts say the SEC’s feedback have been addressed
Nonetheless, on Friday, Geraci stated, “Appears like they consider feedback have been resolved.”
“Crypto ETF summer season commences,” he added.
Balchunas cited an electronic mail screenshot to substantiate that REX Shares have addressed the SEC’s feedback.
“So they’re good to launch, it seems like. Wow,” Balchunas added.
In a put up on the identical day, REX Shares stated 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 by onchain staking.
Associated: Solana futures open curiosity hits $7.4B amid ETF hypothesis: Is $200 SOL subsequent?
“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 property, Robbie Mitchnick, described the agency’s Ether ETF as a “large success” however acknowledged a key limitation. Mitchnick stated that the ETF is “much less excellent” with out staking.
Journal: GENIUS Act reopens the door for a Meta stablecoin, however will it work?
