Preparing to launch the first Solana ETF in the United States
The United States is preparing to launch the first exchange-traded fund (ETF) that allows earning yields from the staking mechanism of Solana, marking a first of its kind in the U.S. market.
The 'REX-Osprey Solana Staking ETF' is set to list under the symbol 'SSK' on July 2, designed to enable investors to earn rewards by depositing SOL tokens to validate blockchain transactions.
According to reports relayed by 'Bloomberg' from informed sources, the new fund has cleared regulatory hurdles after restructuring, allowing at least 40% of its assets to be invested in Solana-tracking ETFs, most of which are outside the United States, facilitating regulatory approval.
The fund initially faced objections from the U.S. Securities and Exchange Commission (SEC), which questioned its legal eligibility as an investment company, but a resolution was reached by expanding the investment scope to include products deemed securities under traditional classifications.
Analysts see this move as a significant development in integrating the digital economy with public financial markets.
'Strahinja Savic' from 'FRNT Financial' commented that allowing funds that provide returns on cryptocurrency investments reflects an increasing convergence between the financial systems and paves the way for broader use of cryptocurrencies within the U.S. economy.
This launch follows similar funds like 'SOLZ' and 'SOLT' from 'Volatility Shares', which provide exposure to Solana through futures contracts and leverage.
On the other hand, the Solana coin recorded a 5.3% increase immediately after the news broke, surpassing $158 before retreating to around $153.
Despite this momentary volatility, the coin is still achieving weekly gains exceeding 7%, but remains about 50% lower than its peak recorded last January.
