REX Shares Set to Launch First Solana Staking ETF in US

REX Shares, a U.S.-based ETF provider, is on the brink of launching the first-ever Solana staking exchange-traded fund (ETF) in the United States. This development comes after months of regulatory discussions, updates, and structuring, with analysts predicting that the fund could go live in a matter of days. The ETF, which will trade under the ticker symbol $SSK, is set to generate yield for investors through on-chain staking, a process that involves holding Solana tokens and earning rewards by participating in the network’s proof-of-stake mechanism.

On June 27, REX Shares reached out to the U.S. Securities and Exchange Commission (SEC) to confirm whether all regulatory issues with its proposed Solana and Ethereum staking ETFs had been resolved. The SEC's lack of response indicates that the last known barrier to launch has been removed, paving the way for the imminent launch of the ETF. This development is seen as a major milestone not only for Solana but also for the broader crypto industry, as demand for yield-generating digital assets continues to grow.

The REX-Osprey SOL Staking ETF is unique in that it will generate yield through on-chain staking, unlike traditional crypto ETFs that track the price of an asset. This type of ETF provides two separate benefits to investors: exposure to Solana’s price movements and extra returns from staking, a feature valued by many crypto investors. REX Shares has described this as the beginning of a new era of yield-generating crypto exposure.

REX Shares' approach to getting this ETF approved was unconventional. The company used a C-corporation structure combined with a ’40 Act fund model, a rare setup in the ETF space. Most crypto ETF providers opt for the typical 19b-4 process, which involves more red tape. This creative but effective path to bypass roadblocks has been described as a "regulatory end-around" by Nate Geraci, president of the ETF Store. The SEC appears comfortable with this structure, and other asset managers are expected to begin rushing to repeat REX’s filing style.

The launch of the $SSK ETF could mark a fresh start for how digital assets are packaged and offered to investors. Until now, the lack of staking in ETFs had been a major limitation, with even BlackRock’s Ether ETF being criticized for not including staking. The approval of $SSK could change that narrative, making it clear that yield-bearing crypto funds are not only possible but also doable under U.S. law. If approved, REX Shares will become the first company in the U.S. to offer a staking-based crypto ETF, putting it ahead of other applicants still waiting on decisions for spot Solana products.