Trading of the REX-OSPREY fund tied to Solana will begin on Wednesday, made possible by positive signals from the SEC.
Preparation for ETF Launch
The CEO confirmed that the REX-OSPREY fund will begin trading on Wednesday. Bloomberg ETF analyst Eric Balchunas noted in his post on X (formerly Twitter) that "if we put the whole system together, it looks like we’re all set for launch."
SEC Position and Fund Structure
ETF Store President Nate Geraci stated the same day that the SEC appears open to the relatively rare C-Corp business model used by REX Shares in its fund structure. This structure had previously been problematic for the SEC due to a conflict with Rule 6C-11 governing ETF management. Geraci added, "It looks like they’re leaning toward moving forward with the creative 40 Act structure," also highlighting that the comments made by the SEC seem to have been resolved.
General Expectations and Next Steps
It is important to note that this launch will signify a new phase for investors interested in Solana-related assets. "Here we go," Geraci emphasized, underscoring the acceleration of the process and confidence in the completion of approvals.
The launch of the REX-OSPREY Solana ETF reflects the growing interest in crypto assets and indicates potential regulatory readiness to embrace innovation in the market.
