Latest news with #REX-Osprey
Crypto Insight
03-07-2025
- Business
- Crypto Insight
First Solana staking ETF hits $12M in ‘healthy' first trading day
The United States' first Solana staking exchange-traded fund (ETF) ended its debut trading day with $12 million in inflows — a positive sign for crypto staking-enabled ETFs. The REX-Osprey Solana Staking ETF debuted on the Cboe BZX Exchange on Wednesday, recording $33 million in trading volume and $12 million in inflows, according to Bloomberg ETF analyst Eric Balchunas. The fund, trading under SSK, gives investors direct exposure to spot Solana along with staking yields, making it the first crypto staking ETF to be approved in America. It was a 'healthy start to trading,' said Bloomberg ETF analyst James Seyffart, who observed that it had seen $8 million in trading volume in the first 20 minutes. Balchunas also commented on the impressive first-day volumes, stating that it 'blows away' the Solana futures ETF and XRP futures ETFs but was much lower than the spot Bitcoin and Ether funds when they launched. US-listed spot Bitcoin ETFs recorded a combined $4.6 billion worth of shares traded on their first day in January 2024. 'The launch of crypto staking ETFs is a defining moment for digital assets and a significant step forward in full access to the crypto ecosystem,' said Anchorage Digital co-founder Nathan McCauley, whose firm is the staking and custodian partner for the REX-Osprey ETF. Regulatory hurdles The REX-Osprey fund faced regulatory hurdles with the Securities and Exchange Commission, which objected to it in late May after clearing an initial registration. The issue was whether the product qualified as an 'investment company' under securities laws, but the firm managed to get around this by investing at least 40% of its assets in other ETPs, mostly domiciled outside the US. More eyes on spot Solana ETF, altcoin ETF summer Unlike spot Solana ETFs that still require approval from the SEC, REX-Osprey's Solana ETF is structured under the Investment Company Act 1940, which sidesteps the standard 19b-4 filing process. In May, NovaDius Wealth Management president Nate Geraci described it as 'regulatory end-around.' However, some have debated whether the fund should be considered a traditional spot Solana ETF. Meanwhile, the ETF's recent performance could shed light on institutional demand for a spot Solana ETF, which may launch this year. Seyffart and Balchunas recently pegged a 95% chance that spot Solana ETFs would be approved by the end of the year. 'We expect a wave of new ETFs in the second half of 2025,' Seyffart said earlier this week, predicting that spot XRP, Solana, and Litecoin products would be greenlit by the SEC before the end of the year. On Tuesday, the regulator approved a Grayscale application to convert its Digital Large-Cap Fund into an ETF. The fund comprises a basket of the top five digital assets by market capitalization. Minor reaction for SOL prices There was no major reaction in Solana prices, which have gained 3.6% over the past 24 hours, lower than most of the other high-cap altcoins. The asset was trading around $153 at the time of writing and was up around 5% over the past week, but still down 48% from its January peak. However, Solana CME futures saw 'record demand, signaling rising institutional interest' as open interest hit $167 million following the ETF launch, reported SolanaFloor. Source:
Yahoo
03-07-2025
- Business
- Yahoo
Solana Drops Below $146 Despite Imminent Launch of First U.S.-Based SOL Staking ETF
Solana (SOL) declined 7.84% over the past 24 hours, trading at $145.08 as of 20:03 UTC on July 1, 2025, according to CoinDesk Research's technical analysis model; during the same period, the broader crypto market, as indexed by the CoinDesk 20, went down only 0.24%. SOL's sharp drop comes just one day before a major milestone for the ecosystem: the launch of the REX-Osprey SOL + Staking ETF. Set to debut on July 2, 2025, the REX-Osprey SOL + Staking ETF (ticker: SSK) is the first U.S.-listed exchange-traded fund to provide direct exposure to Solana's native token while also offering access to staking rewards. Unlike traditional crypto ETFs that only track price, this fund enables holders to passively benefit from Solana's proof-of-stake reward system. Approximately 80% of the ETF's assets will be allocated to SOL, with roughly 50% of those tokens actively staked. The fund is structured under the Investment Company Act of 1940, a framework generally viewed as more favorable from a regulatory standpoint than the 1933 Act. The 1940 Act structure may improve investor protections and expedite approvals, which could influence broader institutional participation. Analysts say this launch represents a major step for Solana's credibility among U.S. financial institutions. By integrating yield generation directly into the ETF, it offers a more comprehensive exposure to the asset than spot-tracking funds. Some market participants believe it could serve as a catalyst for long-term adoption, particularly as other firms including Grayscale, VanEck, and Bitwise pursue similar SOL ETF applications. However, despite the ETF's pending launch, SOL saw broad-based selling pressure on Monday, underscoring the market's cautious stance ahead of the event. Technical Analysis Highlights SOL declined $12.34 over the past 24 hours, dropping from $157.42 to $145.08 — a 7.84% loss with a price range of $12.34. Strong resistance was encountered at $157.42 during the first hour of the analysis window, followed by consistent selling pressure throughout the session. The largest volume spike occurred during the 06:00 UTC hour, exceeding 1.57 million units, with price rejection near $151.50. upport emerged at $146.55 during the 14:00 UTC hour, also coinciding with elevated volume, indicating accumulation interest around that level. In the final hour of the analysis window from 19:01 to 20:00 UTC, SOL declined further from $146.31 to $145.08, hitting its lowest price of the day. Price action formed a well-defined descending channel, characterized by lower highs and lower lows across the entire trading period. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
02-07-2025
- Business
- Business Wire
REX-Osprey™ Launches First U.S. ETF with Solana Exposure plus Staking Rewards
MIAMI--(BUSINESS WIRE)--REX-Osprey™, a strategic collaboration between REX Shares and Osprey Funds, today announced the launch of SSK, the REX-Osprey ™ Solana + Staking ETF, the first U.S.-listed ETF to give investors exposure to Solana (SOL) plus staking rewards in their securities brokerage accounts. SSK provides investors with cost-effective and convenient exposure to Solana (SOL) by offering primarily spot SOL exposure—avoiding the negative effects of contango that can impact futures-based ETFs. In addition to this direct exposure, the fund also delivers the benefits of SOL staking, which currently offers a reward rate of 7.3%. The fund seeks to hold the majority of its assets in directly staked SOL, 40% of its assets in exchange-traded products that themselves stake SOL, and a small amount of its assets in liquid staking tokens like JitoSOL.) Importantly, all staking rewards received by the fund are passed directly to investors, with neither REX nor Osprey retaining any portion. An investment in the Fund is not a direct investment in Solana. Investing involves significant risk, including the possible loss of principal. "This is a major milestone for ETFs and the crypto industry, and a pioneering expansion in how securities investors can access crypto investments and blockchain-native returns," said Greg King, CEO of REX Financial. "With SSK, we're giving investors Solana staking rewards in a familiar ETF format—something that's never been done before in the U.S. market. We've essentially built a bridge between the world of TradFi securities investments and the world of crypto investments." SSK is designed to serve both retail and institutional investors. Unlike other crypto products that rely on derivatives or just provide spot crypto exposure, SSK participates directly in native Solana staking, ensuring that rewards are sourced from the blockchain protocol itself, and SSK also participates indirectly in staking by holding exchange-traded products that themselves hold staked SOL. This allows investors to take part in Solana's network economics while maintaining the convenience and transparency of an ETF. About REX-Osprey REX-Osprey is a joint initiative between REX Financial, a leader in thematic and alternative ETFs, and Osprey Funds, a digital asset specialist focused on crypto access and infrastructure. Together, REX-Osprey develops products that combine the integrity of traditional financial structures with the transformative potential of blockchain technology. Important Risks An investor should carefully consider the Fund's investment objective, risks, charges, and expenses before investing. The Fund's prospectus and summary prospectus contain this and other information about REX Shares. To obtain the Fund's prospectus and summary prospectus, call 1-844-802-4004. The Fund's prospectus and summary prospectus should be read carefully before investing. THE FUND, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH SOLANA OR ANY ENTITY PROVIDING VALIDATION OR STAKING SERVICES. Crypto Asset Risk. The Fund holds SOL tokens, a crypto asset that is native to the Solana blockchain. Crypto assets are subject to extreme volatility, regulatory uncertainty, market manipulation, security risks, and technological changes. The value of the Fund will fluctuate with the price of SOL, which is influenced by a range of factors including adoption of the Solana network, network congestion, smart contract failures, validator misbehavior, and the emergence of competing platforms. Additionally, crypto asset exchanges and counterparties may be less regulated than traditional financial institutions, and are subject to fraud, hacking, and operational disruptions. SOL Risk. The Fund's investments in SOL (the Reference Asset) and SOL futures contracts expose the Fund to the risks associated with an investment in SOL because the price of these derivatives is substantially based on the price of SOL. SOL is a relatively new innovation and is subject to unique and substantial risks. The market for SOL is subject to rapid price swings, changes and uncertainty. Staking Risk. When the Fund stakes the Reference Asset, the Reference Asset is subject to the risks attendant to staking generally. Staking requires that the Fund lock up the staked Reference Asset for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked Reference Asset, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of the Reference Asset, and it may miss opportunities to sell the staked Reference Asset during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked Reference Asset may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked Reference Assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked Reference Asset or a loss of any rewards. Concentration Risk. The Fund's assets will be concentrated in the sector or sectors or industry or group of industries that are assigned to the Reference Asset, which will subject the Fund to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund's assets were invested in a wider variety of sectors or industries. Liquidity Risk. The Fund may not be able to sell its crypto assets at the time or price it desires. Crypto asset markets may be less liquid than traditional securities markets and may be subject to significant price fluctuations. New Fund Risk. The Fund is a newly organized investment company with no operating history. Investors have limited performance history to assess how the Fund will perform. Counterparty Risk. The Fund may rely on staking infrastructure providers, custodians, and crypto exchanges to hold or interact with its SOL. These third parties may become insolvent, fail to safeguard assets, or be subject to regulatory action, leading to potential losses. Smart Contract Risk. Certain staking activities or custodial processes may rely on smart contracts. These self-executing code structures are susceptible to bugs, hacking, or unintended behavior. Exploits in smart contracts could cause loss of assets or incorrect reward distribution. Contango is when futures contracts trade at progressively higher prices the further out in time they are set to expire. Staking Rewards are the incentives or payments earned by participants who commit (or "stake") their cryptocurrency tokens to help support the operations and security of a blockchain network, typically one that uses a Proof-of-Stake. Distributor: Foreside Fund Services, LLC, member FINRA, not affiliated with REX Shares, Osprey Funds, or the Fund's investment adviser.
Yahoo
02-07-2025
- Business
- Yahoo
Solana Drops Below $146 Despite Imminent Launch of First U.S.-Based SOL Staking ETF
Solana (SOL) declined 7.84% over the past 24 hours, trading at $145.08 as of 20:03 UTC on July 1, 2025, according to CoinDesk Research's technical analysis model; during the same period, the broader crypto market, as indexed by the CoinDesk 20, went down only 0.24%. SOL's sharp drop comes just one day before a major milestone for the ecosystem: the launch of the REX-Osprey SOL + Staking ETF. Set to debut on July 2, 2025, the REX-Osprey SOL + Staking ETF (ticker: SSK) is the first U.S.-listed exchange-traded fund to provide direct exposure to Solana's native token while also offering access to staking rewards. Unlike traditional crypto ETFs that only track price, this fund enables holders to passively benefit from Solana's proof-of-stake reward system. Approximately 80% of the ETF's assets will be allocated to SOL, with roughly 50% of those tokens actively staked. The fund is structured under the Investment Company Act of 1940, a framework generally viewed as more favorable from a regulatory standpoint than the 1933 Act. The 1940 Act structure may improve investor protections and expedite approvals, which could influence broader institutional participation. Analysts say this launch represents a major step for Solana's credibility among U.S. financial institutions. By integrating yield generation directly into the ETF, it offers a more comprehensive exposure to the asset than spot-tracking funds. Some market participants believe it could serve as a catalyst for long-term adoption, particularly as other firms including Grayscale, VanEck, and Bitwise pursue similar SOL ETF applications. However, despite the ETF's pending launch, SOL saw broad-based selling pressure on Monday, underscoring the market's cautious stance ahead of the event. Technical Analysis Highlights SOL declined $12.34 over the past 24 hours, dropping from $157.42 to $145.08 — a 7.84% loss with a price range of $12.34. Strong resistance was encountered at $157.42 during the first hour of the analysis window, followed by consistent selling pressure throughout the session. The largest volume spike occurred during the 06:00 UTC hour, exceeding 1.57 million units, with price rejection near $151.50. upport emerged at $146.55 during the 14:00 UTC hour, also coinciding with elevated volume, indicating accumulation interest around that level. In the final hour of the analysis window from 19:01 to 20:00 UTC, SOL declined further from $146.31 to $145.08, hitting its lowest price of the day. Price action formed a well-defined descending channel, characterized by lower highs and lower lows across the entire trading period. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Inicia sesión para acceder a tu portafolio
Coin Geek
09-06-2025
- Business
- Coin Geek
Staking status uncertain as SEC pulls brakes on ETFs
Getting your Trinity Audio player ready... The Securities and Exchange Commission (SEC) has written to the owner of two proposed exchange-traded funds (ETFs), warning that the staking components of their products may make them ineligible for a regulated exchange listing. The two funds, one intended to be based on Solana and the other on Ethereum, were formally proposed in January by ETF Opportunities Trust, a special-purpose vehicle for launching ETFs. In this instance, it represents REX-Osprey, a joint venture and the ultimate proposer of the funds. What sets these funds apart is that their construction allows for their digital assets to be 'staked'—in other words, deployed to the network's consensus mechanism—in exchange for further rewards. The initial filing was made on January 21, with a designated 'go-live' date of May 30. In the intervening months, the Trust went back and forth with the SEC over the specifics of the proposals, which apparently involved the Trust repeatedly tweaking the disclosures made to the SEC. When the May 30 effective date came and went, the Trust had still not resolved all of the SEC's queries, according to a warning letter sent by the SEC last week. At the heart of the SEC's concerns is whether the funds meet the definition of an 'investment company' under the Investment Company Act in light of the proposed staking functionality. Any fund seeking SEC approval for exchange listing must comply with this definition. Under the Act, an 'investment company' is defined as: 'any issuer… which is or holds itself out as being primarily engaged, or proposes to engage primarily, in the business of investment, reinvesting or trading in securities.' The SEC apparently feels that the staking proposed by the REX-Opsrey ETFs would remove the funds from that definition. Though not explicitly linked, the SEC's trepidation can be speculated to stem from recent, sweeping guidance issued by the regulator, which suggests that staking activities definitively do not meet the definition of 'securities' such that they would be regulated by the SEC. Though the industry celebrated this as a manifestation of the SEC's new pro-crypto bent, it may have had the unintended effect of making it more difficult to get approval for staking-enabled ETFs. Staking is becoming the new battleground between the new and old regulatory approaches If the SEC allows staking ETF-bound digital assets, it would be the latest expansion of crypto's role in traditional financial product models. Certain sectors of the industry have eagerly anticipated such expansion with the arrival of the Trump administration and the appointment of a more crypto-positive SEC Chair in Paul Atkins. Previous Chair Gary Gensler had indicated that digital assets that offer staking may cross over into the securities definition. However, after industry pressure earlier this year, the SEC issued new guidance in May that, though non-binding, indicated that the regulator would not view staking as a securities product. Notably, the latest SEC guidance drew criticism from within the SEC itself. Commissioner Caroline Crenshaw accused the guidance of taking a 'fake it till you make it' approach to regulation, pointing out that well-trodden securities rules have already been applied to staking services and, in some cases, have found them to qualify as securities. 'This is yet another example of the SEC's ongoing 'fake it till we make it' approach to crypto – taking action based on anticipation of future changes while ignoring existing law,' wrote the Commissioner. It's at least arguable that Crenshaw's criticisms are borne out in the hold-up in approving the REX-Osprey ETFs, which presumably would have found an easier path to approval if the SEC considered staking a securities activity. Watch: Breaking down solutions to blockchain regulation hurdles title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
