The First Solana ETF in the US is Coming with Staking Support: Price Movement is Happening!

The first staking-supported crypto ETF in the US, REX-Osprey SOL + Staking ETF, will start trading this Wednesday.

Bloomberg analyst James Seyffart announced on his social media account that the first staking-supported Solana (SOL) ETF, prepared in partnership between REX Shares and Osprey Funds, will likely be opened to investors in a few days, probably on Wednesday.

This ETF will provide investors the opportunity to track Solana (SOL) price movements while also enabling them to earn extra returns on-chain by staking tokens. This way, investors can benefit from both the potential value increase of Solana and the passive income generated through staking.

It is stated that REX Shares and Osprey Funds preferred the taxable C-corporation (C-corp) structure to avoid the long approval processes of normal ETF applications by the US Securities and Exchange Commission (SEC). With this approach, regulatory issues experienced in standard ETFs have been overcome. Although the SEC previously had legal concerns regarding this method, it is said that the issues have been resolved.

How did the SOL price react?

Immediately after the announcement, there was movement in the cryptocurrency market. Solana's price rose by about 6% in a short time, reaching up to 160 dollars from 150 dollars due to the ETF news. However, the downward trend in the overall markets made it difficult for Solana to maintain its gains, and SOL quickly returned to the 151 dollar level.

With these developments, it seems that investors will be closely monitoring the movements in the cryptocurrency market in the middle of the week.