The First Solana Staking ETF is Set to Debut in the US This Week

The REX-Osprey Solana Staking ETF, America's first ETF that allows investors to earn rewards by staking Solana tokens for blockchain transaction validation, is set to launch on July 2nd. The fund managed to clear regulatory hurdles by investing 40% of its holdings in other Solana exchange-traded products. Initially, the SEC raised issues, questioning whether the ETF qualified as an “investment company” under federal law.

The problem was resolved by agreeing to invest at least 40% of assets in other ETFs, primarily those domiciled outside the US. The launch of this ETF is seen as a significant step indicating the growing integration of crypto into the US economy via public markets. The news boosted Solana prices by 5.3%, although the momentum couldn't be sustained, and the asset retreated slightly afterward.