The primary US staked cryptocurrency exchange-traded fund (ETF) will launch on Wednesday, permitting buyers to carry Solana (SOL) and earn yield via staking.
Two days after Cointelegraph reported that the REX-Osprey Solana and Staking ETF might launch imminently, issuer REX Shares confirmed on Monday that the fund is about to debut.
Because the identify suggests, the REX-Osprey fund will give buyers direct publicity to identify SOL together with staking earnings, doubtlessly paving the best way for broader institutional adoption of crypto.
The launch follows REX’s up to date prospectus and constructive suggestions from the US Securities and Alternate Fee (SEC) concerning its distinctive C-Corp enterprise construction — an association the regulator had beforehand argued conflicted with the so-called ETF rule.
The SEC dominated in Might that staking doesn’t violate securities legal guidelines, however nonetheless determined to punt its choice on staked ETFs and different altcoin funds.
Associated: Coinbase seeks SEC approval for ‘tokenized equities’ — Report
SOL value extends rally
The worth of Solana rose shortly after the ETF information, climbing 6% to round $158, in keeping with Cointelegraph. With this achieve, SOL is now up greater than 12% over the previous seven days.
Regardless of the rally, SOL stays 46% under its all-time excessive from January, in keeping with CoinGecko knowledge.
At its present value, Solana has a market capitalization of $83.5 billion, making it the sixth-largest cryptocurrency.
Some analysts have speculated that the approval of Solana ETFs might spark an “altcoin summer time” fueled by new altcoin-focused funds.
Bloomberg senior ETF analyst Eric Balchunas famous in June that a number of such funds have been on monitor for approval by July, with Solana doubtless “main the best way.”
Solana has additionally gained momentum within the decentralized alternate (DEX) market, with its DEX volumes just lately surpassing these of Ethereum. Raydium, Pump.enjoyable and Orca have been main contributors to this surge, in keeping with Cointelegraph and TradingView knowledge.
Associated: US crypto ETF approval odds surge to ‘90% or greater’ — Bloomberg analysts
