The first US staked cryptocurrency exchange-traded fund (ETF) will launch on Wednesday, allowing investors to hold Solana (SOL) and earn yield through staking.
Two days after Cointelegraph reported that the REX-Osprey Solana and Staking ETF could launch imminently, issuer REX Shares confirmed on Monday that the fund is set to debut.
As the name suggests, the REX-Osprey fund will give investors direct exposure to spot SOL along with staking income, potentially paving the way for broader institutional adoption of crypto.
The launch follows REX’s updated prospectus and positive feedback from the US Securities and Exchange Commission (SEC) regarding its unique C-Corp business structure — an arrangement the regulator had previously argued conflicted with the so-called ETF rule.
The SEC ruled in May that staking does not violate securities laws, but still decided to punt its decision on staked ETFs and other altcoin funds.
Related: Coinbase seeks SEC approval for ‘tokenized equities’ — Report
SOL price extends rally
The price of Solana rose shortly after the ETF news, climbing 6% to around $158, according to Cointelegraph. With this gain, SOL is now up more than 12% over the past seven days.
Despite the rally, SOL remains 46% below its all-time high from January, according to CoinGecko data.
At its current price, Solana has a market capitalization of $83.5 billion, making it the sixth-largest cryptocurrency.
Some analysts have speculated that the approval of Solana ETFs could spark an “altcoin summer” fueled by new altcoin-focused funds.
Bloomberg senior ETF analyst Eric Balchunas noted in June that several such funds were on track for approval by July, with Solana likely “leading the way.”
Solana has also gained momentum in the decentralized exchange (DEX) market, with its DEX volumes recently surpassing those of Ethereum. Raydium, Pump.fun and Orca have been major contributors to this surge, according to Cointelegraph and TradingView data.
Related: US crypto ETF approval odds surge to ‘90% or higher’ — Bloomberg analysts
