
REX Shares appears ready to roll out the first-ever Solana staking ETF in the United States, after what analysts say has been a positive response from the SEC to its unconventional regulatory approach.
Author: Sahil Thakur
REX Shares appears ready to roll out the first-ever Solana staking ETF in the United States, after what analysts say has been a positive response from the SEC to its unconventional regulatory approach.
The upcoming ETF, which will include onchain staking rewards, is seen as a breakthrough in crypto-based financial products. ETF Store president Nate Geraci noted on Friday that the SEC now seems “comfortable” with REX Shares’ use of a C-corporation structure—a rare and previously contentious choice under SEC rules.
Looks like they’re comfortable pushing forward w/ their creative ‘40 Act structure,” Geraci wrote on X, referring to the Investment Company Act of 1940, which governs mutual funds and certain ETFs. He previously described REX’s workaround as a “regulatory end-around” for crypto staking ETFs.
Bloomberg ETF analyst Eric Balchunas also confirmed the imminent launch, citing updated filings and internal communication. “All systems go for imminent launch,” he said, adding that REX Shares appears to have satisfied the SEC’s final comments.
Fellow ETF analyst James Seyffart described REX’s ETF proposal as “very rare in the ETF world” due to its avoidance of the standard 19b-4 filing process. That process, typically required for crypto staking ETFs, has stalled similar proposals from other firms like Fidelity and ARK.
The fund, officially titled the REX-Osprey Solana ETF, will offer investors exposure to Solana (SOL) while generating passive income through onchain staking rewards. This mechanism allows token holders to earn yield by supporting network operations—an increasingly in-demand feature for crypto-focused funds.
In a post on Friday, REX Shares confirmed the product was “coming soon,” branding it as the first staked crypto ETF in the U.S.
The development marks a major step for crypto ETFs, particularly those tied to staking-enabled blockchains like and . Many industry participants have expressed frustration over the SEC’s prior hesitance to approve staking components.
On March 20, BlackRock’s head of digital assets Robbie Mitchnick acknowledged this challenge, calling its recently approved Ethereum ETF a “tremendous success” but “less perfect” without staking functionality.
With the apparent SEC approval of REX Shares’ Solana staking ETF, the product could open the door for broader acceptance of yield-generating crypto ETFs and potentially set a precedent for future filings.
| Status | Asset | Issuer/Application Name | Filing Date / Type | Decision Deadline |
|---|---|---|---|---|
| Amended | Solana (SOL) | Canary, 21Shares, Bitwise amended filings (Solana ETF) | June 13 2025 filings (reuters.com) | Unknown |
| Decision Soon | Digital Large Cap (BTC, ETH, XRP, SOL, ADA) | Grayscale GDLC -> proposed ETF conversion | Conversion request – deadline July 2, 2025 | |
| Filed | Cardano (ADA) | Grayscale Cardano Trust -> spot ETF | Filed Feb 10, 2025 | Deadline Oct 2025 (with possible July milestone) |
| Filed | Solana (SOL) Trust | VanEck Solana Trust | Filed June 27, 2025 | Decision due Oct 2025 |
| Filed | Avalanche (AVAX) | VanEck AVAX ETF | Filed March 14, 2025 | Decision by July 2025 |
| Filed | Dogecoin (DOGE) | 21Shares Dogecoin ETF (filed April 9 2025), Bitwise DOGE ETF (filed Jan 28 2025) | Filed early 2025 | SEC deadlines between June–Jan 2026 |
| Filed | XRP | Franklin, WisdomTree, CoinShares, REX-Osprey, ProShares etc. | Filed early 2025 | Deadlines June–Aug 2025 |
| Filed | Litecoin (LTC) | CoinShares Litecoin ETF; Franklin Litecoin ETF | Filed Jan 2025 | Deadline May–July 2025 |
| Filed | XRP, SOL, etc. | Bitwise, REX-Osprey and others (multiple single & leveraged ETFs) | Filed Dec 2024–Jan 2025 | Various deadlines in April–July 2025 |
| Under Review | Ethereum staking & hybrid crypto ETFs | Bitwise and others applying for staking-feature ETFs | Pending SEC stance on staking | Decisions expected later in 2025 |
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