First-Ever U.S. Solana Staking ETF Set to Launch This Week

Rex Shares and Osprey Funds are set to launch the first U.S. exchange-traded fund (ETF) offering direct exposure to a cryptocurrency with on-chain staking rewards, according to Rex Shares’ post on X teasing that the fund would arrive “Wednesday.”

The Rex-Osprey Solana + Staking ETF will hold Solana—currently the sixth-largest cryptocurrency by market capitalization—through a Cayman Islands subsidiary. According to its prospectus, the fund plans to stake at least half of those holdings to generate yield.

In its announcement, Rex Shares described the fund as the “first-ever staked crypto ETF in the U.S.”

It’s important to note that while the Rex-Osprey ETF directly holds Solana and tracks its spot price, it isn’t structured as a traditional spot ETF under current regulations. Instead, it is registered under the Investment Company Act and taxed as a C-corporation—unlike Bitcoin and Ethereum spot ETFs, which use a commodity trust structure.

Rex Shares’ X post followed the SEC’s response last Friday to the company’s letter. The SEC indicated it had “no additional comments on the fund,” clearing the way for launch. Rex and Osprey initially proposed the Solana ETF in May, alongside a similar Ethereum ETF that would also offer staking rewards.

The timing of the launch is noteworthy, as the market anticipates a wave of spot Solana ETFs that are expected to register under the Securities Act. At least nine such filings are currently under SEC review, with seven recently amending their S-1 forms to clarify staking-related language.