The primary US staked cryptocurrency exchange-traded fund (ETF) will launch on Wednesday, permitting buyers to carry Solana (SOL) and earn yield by way of staking.
Two days after Cointelegraph reported that the REX-Osprey Solana and Staking ETF may launch imminently, issuer REX Shares confirmed on Monday that the fund is about to debut.
Because the title suggests, the REX-Osprey fund will give buyers direct publicity to identify SOL together with staking earnings, probably paving the best way for broader institutional adoption of crypto.
The launch follows REX’s up to date prospectus and optimistic suggestions from the US Securities and Change Fee (SEC) concerning its distinctive C-Corp enterprise construction — an association the regulator had beforehand argued conflicted with the so-called ETF rule.
The SEC dominated in Could that staking doesn’t violate securities legal guidelines, however nonetheless determined to punt its determination on staked ETFs and different altcoin funds.
Associated: Coinbase seeks SEC approval for ‘tokenized equities’ — Report
SOL worth extends rally
The value of Solana rose shortly after the ETF information, climbing 6% to round $158, based on Cointelegraph. With this achieve, SOL is now up greater than 12% over the previous seven days.
Regardless of the rally, SOL stays 46% under its all-time excessive from January, based on CoinGecko knowledge.
At its present worth, Solana has a market capitalization of $83.5 billion, making it the sixth-largest cryptocurrency.
Some analysts have speculated that the approval of Solana ETFs may spark an “altcoin summer season” fueled by new altcoin-focused funds.
Bloomberg senior ETF analyst Eric Balchunas famous in June that a number of such funds had been on monitor for approval by July, with Solana possible “main the best way.”
Solana has additionally gained momentum within the decentralized change (DEX) market, with its DEX volumes not too long ago surpassing these of Ethereum. Raydium, Pump.enjoyable and Orca have been main contributors to this surge, based on Cointelegraph and TradingView knowledge.
Associated: US crypto ETF approval odds surge to ‘90% or greater’ — Bloomberg analysts
