A Solana (SOL) from REX Shares and Osprey Funds that enables on‑chain staking is set to go live on June 2, according to CEO Greg King.
The launch does not necessarily come as a surprise. In May, King told Bloomberg that the firm intended to go live with the staking-enabled product by mid-July.
Earlier this month, REX Shares filed an updated prospectus with the SEC, and the lack of further comments from the agency indicated that the product was effectively ready for launch.
It is worth noting that the ETF product aims to stake at least 50% of the underlying asset. The holders of the innovative ETF, which was established as a C-corporation, will be able to receive staking rewards as dividends.
SOL is currently trading at $158.92, according to data provided by CoinGecko, surging by more than 5%.
Polymarket bettors now see a 99% chance of a Solana ETF being approved this year following the most recent development.
Regulatory U-turn
Last year, spot-based Ethereum ETFs were launched without staking due to concerns about staked Ether being subjected to securities regulations. This made the products less attractive since investors were deprived of an opportunity to earn passive income.
Under the new crypto-friendly administration, the SEC's Division of Corporation Finance clarified that staking activities do not constitute securities transactions for some proof-of-stake (PoS) blockchains.
Vladislav Sopov
U.Today Editorial Team