REX Shares is close to launching the first American ETF for Solana staking. In the application submitted to the SEC, the company confirmed that the regulator did not raise any additional comments on the fund's proposal, which paves the way for its approval.
The planned ETF, designated with the ticker SSK, aims to track the price of Solana while generating income through on-chain staking. This combination of productivity and exposure to the asset could be pioneering in the cryptocurrency-based ETF market.
Analysts, including Bloomberg ETF expert Eric Balchunas, indicate that the lack of objections from the SEC is crucial and suggests imminent approval. REX Shares has already published 'coming soon' on Twitter, suggesting a swift introduction of the product.
Nate Geraci from ETF Store predicts that the success of this ETF could initiate a wave of similar proposals based on the staking of digital assets. This indicates a growing interest in income-generating funds in the Web3 sector.
Previous SEC guidelines confirmed that the staking function itself does not automatically translate into the qualification of a security. This position encouraged asset managers to revise strategies and submit new applications for income-generating cryptocurrency-based ETFs.
