‘All systems go' for Solana staking ETF to launch any moment: Analysts
'Rex also filed an updated prospectus, which totally filled in. Add it all up, and it appears as though all systems go for imminent launch,' ETF analyst Eric Balchunas said in an X post on Friday. SEC 'comfortable' with the unique ETF structure
ETF Store president Nate Geraci said in an X post on the same day that it looks like the SEC are open to REX Shares incredibly rare c-corp business structure used in the fund, which the SEC previously argued conflicts with the 6C-11 rule, also known as 'the ETF rule.'
'Looks like they're comfortable pushing forward w/ their creative '40 Act structure,' Geraci said. 'Here we go,' he added.
He previously said on May 29 that REX Shares had taken 'the regulatory end-around' with this approach.
Echoing Geraci's sentiment, ETF analyst James Seyffart said the way that REX Shares structured their Solana staking ETF proposal was 'very rare in the ETF world' as it bypasses the standard 19b-4 filing process that most other crypto ETF providers have used for staking proposals, which are all still awaiting a decision from the SEC. Analysts say the SEC's comments have been addressed
Geraci said, 'Looks like they believe comments have been resolved.'
'Crypto ETF summer commences,' he added.
Balchunas cited an email screenshot to confirm that REX Shares have addressed the SEC's comments.
'So they are good to launch, it looks like. Wow,' Balchunas added.
In a post on the same day, REX Shares said that 'the first-ever staked crypto ETF' in the US is coming soon. Staking in crypto ETFs has been highly anticipated by the industry
REX Shares explained that its REX-Osprey SOL and staking ETF is designed to track the performance of Solana while generating yield through onchain staking.
'A new era of yield-generating crypto exposure is here,' REX Shares said.
Staking has been a long-awaited feature by many ETF spectators in the industry.
On March 20, BlackRock's head of digital assets, Robbie Mitchnick, described the firm's Ether ETF as a 'tremendous success' but acknowledged that the ETF is 'less perfect' without staking.
Source: https://cointelegraph.com/news/spot-solana-staking-etf-rex-shares-launch-soon-analysts-forecast
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