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REX-Osprey to launch Solana, Ethereum staking ETFs after resolving SEC comments

The Block

2025-06-28 23:54:53

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The first two exchange-traded funds in the U.S. that will both track the price of crypto assets and deliver staking yields to holders appear set to launch imminently after the Securities and Exchange Commission (SEC) told the funds' issuers that it has no further comments. 

REX Shares and Osprey Funds filed with the SEC in May to create C-corporation ETFs that would invest in Ethereum and Solana and stake some of the assets for additional yield generation. However, their filing was soon flagged by the SEC, which said its staff had unresolved questions around whether the funds would legally qualify for issuance. 

Now, it appears those questions have been resolved, according to a filing from Friday. "[T]hey are good to launch it looks like," said Bloomberg senior ETF analyst Eric Balchunas on X. "Wow." 

REX Shares promoted the staking Solana ETF, which would join Volatility Shares' Solana futures ETFs as the only funds to track the price of SOL, in an X post Friday, saying the fund would be "coming soon." REX Shares did not mention the staking ETH ETF, though its registration statement covers both funds, which would trade under the tickers ESK for the ETH staking ETF and SSK for the SOL staking ETF. Both funds are to be listed by Cboe BZX. 

Several firms are currently vying to launch a spot Solana ETF, with Invesco and Galaxy joining the race this past week. Balchunas previously told The Block that the funds could be approved in two to four months. 

The REX-Osprey approach, however, sidesteps that approval process with a clever legal workaround; unlike most ETFs, the funds elect to be taxable C-corps. As such, staking distributions to holders will taxed inside the fund before being distributed to holders as dividends. The management fees for both funds are 0.75%, though the income-tax accrual will cause overall fees to be higher in most cases. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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