The first Solana Staking ETF in the US, REX-Osprey, is set to launch on July 2 under the ticker SSK. The fund will provide investors an opportunity to earn through decentralized staking.
Debut of New Solana ETF
The REX-Osprey Solana Staking ETF has received approval for launch, with the market debut expected on July 2. According to Bloomberg, the fund will track Solana tokens and provide opportunities for investors to earn rewards through staking.
Regulatory Challenges and Compromise
The fund faced regulatory hurdles when the SEC raised concerns during the initial registration process. Questions arose regarding whether the ETF should be classified as an "investment company" under federal law. After discussions, the decision was made to allocate at least 40% of assets to investments in other ETFs, mostly registered outside the US.
Market Reaction to the News
Following the announcement of the ETF launch, the price of Solana tokens surged by 5.3%, climbing from a daily low of $150 to $158. However, the price reverted to around $153 after the initial spike. Over the past week, Solana has shown a positive trend with a 7% gain, although it remains nearly 50% down from its January all-time high.
The launch of REX-Osprey Solana Staking ETF marks a significant step in integrating cryptocurrency assets into traditional financial markets. The success or failure of this fund could greatly influence the future development of staking and cryptocurrency ETFs in the US.
