This week, the first Solana ETF is set to launch in the US, providing staking rewards for holders. This move is significant for the alternative cryptocurrency market.
Launch of the First Solana ETF
The ETF tracking the price of the sixth-largest cryptocurrency, Solana, is set to begin trading on Wednesday. REX Shares and Osprey Funds announced this on the X platform.
Application and SEC Discussion
REX and Osprey submitted paperwork to the Securities and Exchange Commission (SEC) in May to create ETFs that would invest in Solana and Ethereum. Last week, the companies wrote to the SEC to inquire whether their comments on the application had been addressed. The regulator had no further comments, indicating that the product was ready for launch.
Potential for Other Solana ETFs
There is a possibility of launching up to nine Solana ETFs if the SEC grants approval. Some investment firms, including Invesco and Galaxy Digital, have also submitted applications for similar funds with staking capabilities. Experts note a high likelihood of SEC approval for the Solana ETF this year, with the final deadline for the commission being October 10.
The launch of the first Solana ETF with staking capabilities marks a significant event for crypto investors and could open new opportunities in the alternative cryptocurrency market.
