The first US staked cryptocurrency exchange-traded fund (ETF) will be launched on Wednesday, allowing investors to hold Solana (Sol) and earn yield by staking.
Two days after Cointelegraph reported That Rex-OSPREY Solana and Staking ETF may launch unconditionally, Rex shares have confirmed Monday that the fund is set to debut.
As the name suggests, the Rex-osprey Fund will provide direct exposure to investors in spot Sol along with staking income, which potentially pave the way for a broader institutional crypto adoption.
The launch complies with Rex’s updated prospectus and positive comments from the US Securities and Exchange Commission (SEC) regarding the unique C-Corp business structure-a regulator repair that previously argued to oppose the so-called ETF rule.
The SEC ruled in May That staking did not violate security laws, but still decided to point out its decision on staked ETFs and other altcoin funds.
Related: Coinbase seeks to approve the SEC for ‘Tokenized Equities’ – Report
Sol Price expands rally
The price of Solana rose shortly after the ETF News, up 6% to $ 158, according to Cointelegraph. In this benefit, Sol has been up to 12% in the past seven days.
Despite the rally, Sol remains 46% below all times high from January, according to Co ringecko Data.
At its current price, Solana has a market capitalization of $ 83.5 billion, making it the sixth largest cryptocurrency.
Some analysts think that approved solana etf may Spark a “Altcoin tag -inin” Fueled by new altcoin -focused funds.
Bloomberg Senior ETF analyst Eric Balchunas in June noted that many funds were monitored for July approved, Solana is likely to be “leading the way.”
Solana also gained momentum in the decentralized exchange market (DEX), with this DEX volumes recently exceeded Ethereums. Raydium, Pump.Fun and Orca have been the main contributing to this progress, according to Cointelegraph and TradingView data.
Related: US Crypto ETF Approval Odds Surge on ‘90% or Higher ‘ – Bloomberg Analysts
