Earlier today, the REX-Osprey Solana exchange-traded fund (ETF) went live on the Cboe BZX exchange.
This is the first staking-enabled ETF to launch in the U.S., which makes this launch truly historic.
The SOL price reached an intraday high of $149.75 following the launch, according to CoinGecko data.
The ETF has caused some controversy due to its unorthodox structure that falls outside of the traditional spot ETF pathway.
It avoided the usual approved process by using a setup known as a C corporation. This makes it possible for the ETF to conduct unusual operations, such as staking and paying out yield as dividends.
Since the ETF eschewed the 19b-4 rule change process, it caused some confusion on popular betting platform Polymarket since it was unclear how the Solana ETF market was supposed to be resolved. Polymarket decided that the nontraditional ETF does count.
Vladislav Sopov
U.Today Editorial Team