The US SEC has not confirmed any comment on the Rex Shares Stacked Solana ETF filing as the asset manager predicts an imminent approval soon.
Asset manager RexShares is pushing for approval of its stacked Solana ETF filing with the US Securities and Exchange Commission (SEC).
In its latest letter to the Commission, the asset manager asked the Commission whether comments on its ’40 Act Solana Stacking ETF had been resolved. There are no further comments, thus increasing the odds of approval, said Eric Balchunas, Bloomberg ETF strategist.
RexShares is set to launch the first stacked Solana ETF in the US.
Asset manager Rex Shares is gearing up for the upcoming launch of the REX-Osprey™ $SOL + Staking ETF, the first staked crypto ETF in the country. This flagship Solana ETF fund will offer exposure to SOL while simultaneously generating yield through on-chain staking.
Key features of the REX-Osprey™ SOL + Staking ETF include:
$SOL Exposure: Direct tracking of Solana’s market performance.
Staking Rewards: Earning through Solana's on-chain staking mechanism.
The latest S&P Global report shows that the response to Bitcoin and crypto ETFs is surprising, which could pave the way for faster adoption going forward.
The probability of approval for SOL ETF increased to 92%
According to Polymarket data, the probability of approval for the Solana ETF has increased by 18 percent, to over 92 percent. Bloomberg has previously predicted a 90% approval chance by December 31, 2024.
Eric Balchunas, senior ETF strategist at Bloomberg, confirmed that the SEC has no further comment on the Rex Shares Stacked Solana ETF filing. “So they’re good to go, it seems. Wow,” he added.
Amid the growing prospect of approval, Solana whale activity has also picked up, pushing the $1.3 billion $SOL earlier this week.
Crypto ETF Summer Begins, Says Expert
Amid significant developments with the conclusion of the XRP trial on Friday, ETF Store President Nate Geraci said the crypto ETF summer is officially underway, opening the door for the XRP ETF, Solana ETF, and other altcoin ETFs.
Following recent developments, Solana's price is seeing a 1.5% trading gain at $145 as of press time.
Additionally, Solana futures trading volume on CME hit a record high of $1.75 billion earlier this week. Citing an opportunity here, Robin Hood also jumped into the fray, opening Solana futures trading on Friday.
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