In short
- The Rex-Esprey Solana + strike ETF will keep Sol through a Cayman subsidiary and use at least 50% of its participations.
- It is registered under the Investment Company Act and charged as a C-Corp, in contrast to traditional spot ETFs.
- The launch comes as a minimum of nine place Solana ETFs, submitted under the Securities ACT, wait for SEC goods inspection.
Rex shares and Osprey funds will state the first American stock market-bound fund that direct exposure to a cryptocurrency with on-chain strike rewards on Wednesday has confirmed a spokesperson Decrypt.
The Rex-Esprey Solana + strike ETF will have Solana, the sixth largest digital asset in market capitalization, through a subsidiary of the Cayman Islands, aimed at generating yield by laying at least half of those companies, according to a prospectus.
The fund “will launch”, the spokesperson confirmed in a Monday -E -mail DecryptOnly hours after Fund Rex shares were plagued in an X post that the “Wednesday” fund would arrive.
It marks the “very first Steates-Crypto ETF in the US,” said Rex shares in his post.
It is worth noting that although the Rex-Superprey ETF Solana has directly and follows its bargain price, it is not structured as a place ETF in a traditional regulatory sense.
Instead, it is registered under the Investment Company Act and taxed as a C-corporation, in contrast to the raw materials confidence structure used by Bitcoin and Ethereum Spot ETFs.
The post of Rex shares on X comes only three days after the SEC responded earlier on Friday to the letter from the company and stated that it had no additional comments about the fund. Rex and Osprey presented ETF in May, together with an Ethereum ETF that would also yield pre -reward.
The launch of the fund occurs on a potential wave of Spot Solana ETFs, which is expected to be registered under the Securities Act, with at least nine archiving that are currently being assessed by the SEC. Seven of those issues have recently submitted changed S-1 forms, specifically to clarify language around the plotting.
Bloomberg analysts have projected a probability of 95% that those ETFs will receive the regulatory green light, probably in the next two to four months.
Strike refers to the process of promise tokens to a decentralized network in exchange for yield or financial rewards. It has been a sensitive issue for supervisors in the earlier administration, who expressed concern about the financial and security -related risks of practice.
The SEC currently assesses applications for around 80 funds that follow the continuous performance of a large altcoin or offer a different variation of exposure to digital assets. These proposals follow the dramatic success of Spot Bitcoin ETFs and the respectable performance of Spot Ethereum funds since their approval last year.
The Bitcoin-oriented products have built up nearly $ 50 billion in net investments, while the Ethereum funds have yielded around $ 4.1 billion in assets.
Solana was recently traded at around $ 155, an increase of more than 2% in the last 24 hours, according to data provider Coingecko. The active, which has performed slowly for a large part of the year, has risen by around 10% in the midst of growing optimism about the prospects of a Solana Fund.
In an X -post on Friday, Bloomberg Senior ETF analyst Eric Balchunas speculated that Rex and Osprey tried to introduce their Solana product before the Spot Funds Garner approval.
‘They undoubtedly try to get it [market] Prior to the spot, “he wrote, added:” … here is the SEC that says it has no further comments, so they are good to launch it. Wow. “
Published by Sebastian Sinclair
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