U.S. Filing Submitted for Exchange-Traded Funds Focusing on Solana and Ethereum Staking
U.S. Investors may soon have new opportunities to earn staking rewards from Solana (SOL) and Ethereum (ETH) as REXShares, an investment firm, has filed a prospectus for new staking ETFs based on these cryptocurrencies. According to analysts, these funds could potentially debut within the next few weeks.
James Seyffart, a Bloomberg ETF analyst, shared the announcement on social media, revealing details about the filing. He stated that these ETFs, which are classified as C-corporations for tax purposes, will operate under the Investment Company Act of 1940 (the "40-Act") and utilize a unique structure which may expedite their launch by avoiding the conventional 19b-4 approval process.
Similarly, ETF expert Eric Balchunas indicated that these could be the first-ever staked Ethereum and Solana ETFs to be launched in the U.S. He emphasized that the REXShares filing has already received SEC approval, indicating a likely launch in the near future.
Moreover, Balchunas mentioned that this marks the introduction of the first spot Solana ETF, as only futures-based products have existed until now. He explained that the 40-Act provides a quicker path to market, although it requires issuers to meet more regulatory requirements compared to the traditional 33 Act route.
Although the exact launch dates have not been announced, the SEC has shown interest in these new ETFs. REXShares is optimistic about addressing any potential concerns raised by the regulator, but no specific launch dates have been specified at this time.
This development signifies a significant step forward for crypto ETFs in the U.S., offering investors regulated avenues to engage in crypto staking and potentially earn rewards. For reference, read our article on the CRO price surge following Canary's filing for a staked Cronos ETF.
- REXShares, an investment firm, is set to introduce the first-ever staked Ethereum and Solana ETFs in the U.S., according to ETF expert Eric Balchunas.
- These anticipated ETFs, classified as C-corporations for tax purposes, will operate under the Investment Company Act of 1940 (the "40-Act") and utilize a unique structure to expedite their launch, bypassing the conventional 19b-4 approval process.
- James Seyffart, a Bloomberg ETF analyst, noted that these ETFs could potentially debut within the next few weeks and mark the introduction of the first spot Solana ETF, as only futures-based products have existed until now.
