REX Shares and Osprey Funds have chosen Anchorage Digital because the unique custodian and staking accomplice for his or her newly launched REX-Osprey Solana + Staking ETF (SSK), the primary crypto staking exchange-traded fund (ETF) listed within the U.S.
The fund, which gives traders publicity to Solana
whereas producing staking rewards, started buying and selling Wednesday on the Cboe change Wednesday at $25.47 per share.
In contrast to present spot bitcoin and ethereum ETFs, which fall beneath completely different regulatory frameworks, SSK is registered beneath the Funding Firm Act of 1940. Which means a professional custodian — not the fund issuer — is required to carry the underlying belongings. Anchorage Digital, at present the one federally regulated financial institution approved to each custody and stake digital belongings, will fill that function.
“Staking is the following chapter within the crypto ETF story,” mentioned Nathan McCauley, CEO and co-founder of Anchorage Digital, in a launch. “The launch of crypto staking ETFs marks a win for customers and a major step ahead in full entry to the crypto ecosystem.”
The ETF offers traders oblique publicity to Solana whereas additionally collaborating within the blockchain’s staking mechanism, which supplies extra yield by serving to to safe the community. Staking permits holders of sure cryptocurrencies to earn rewards by locking their tokens into the community, a course of that beforehand required technical know-how and direct interplay with crypto protocols.
By packaging staking into an ETF construction, REX Shares and Osprey purpose to make that course of accessible to a wider vary of traders by conventional brokerage accounts.
SOL is greater by 2% over the previous 24 hours to $150.
The SSK launch comes because the crypto ETF market continues to evolve past bitcoin and ether, with issuers exploring new methods to convey blockchain-based merchandise to regulated exchanges. The introduction of staking ETFs marks a brand new part for the trade, combining income-generating options with publicity to digital belongings, all inside an SEC-regulated funding car.
