Rex Shares and Osprey Funds are preparing to launch what they describe as the first-ever U.S. exchange-traded fund offering direct Solana exposure combined with staking rewards.
According to a prospectus and recent company statements, the Rex-Osprey Solana + Staking ETF will hold Solana (SOL) through a Cayman Islands subsidiary. At least half of the fund’s SOL holdings will be staked on-chain to generate yield.
Rex Shares confirmed via social media that the product will debut Wednesday, marking a significant milestone for crypto-based ETFs in the U.S.
Solana is the sixth-largest digital asset by market capitalization, and this move signals a deepening appetite among issuers to diversify beyond Bitcoin and Ethereum.
Not a Spot ETF in the Traditional Sense
Despite directly holding Solana and tracking its price, the new ETF is not structured as a spot ETF under the traditional regulatory framework.
Instead, it is registered under the Investment Company Act and taxed as a C-corporation—a structure that contrasts with the commodity trusts used for existing spot Bitcoin and Ethereum funds.
Rex and Osprey initially filed proposals in May for this Solana product alongside an Ethereum ETF that would also include staking rewards.
Their launch announcement came just days after the SEC responded with no further comments, effectively clearing the way for the fund to go live.
The ETF’s arrival also underscores the rush to offer Solana exposure before a wave of spot Solana ETF applications—at least nine filings—receive decisions. Bloomberg analysts recently projected a 95% chance that the spot products will be approved within the next four months.
ETF Market Gears Up for an Altcoin Boom
The SEC is actively reviewing roughly 80 ETF applications tied to altcoins and other digital asset strategies.
The surge in filings follows the blockbuster debut of spot Bitcoin ETFs, which have attracted nearly $50 billion in net investments, and the solid growth of Ethereum spot funds, which have amassed over $4 billion in assets.
Bloomberg ETF analyst Eric Balchunas speculated that Rex and Osprey were intentionally fast-tracking their Solana ETF to arrive ahead of the spot products.
“They’re no doubt trying to get it to market ahead of the spot ones,” he wrote on X.
“Here’s the SEC saying it has no further comments, so they are good to launch it looks like. Wow.”
Quick Facts
- Rex-Osprey’s Solana ETF will be the first U.S. fund combining direct Solana exposure with staking rewards.
- Unlike spot ETFs, it uses an Investment Company Act structure taxed as a C-corporation.
- Launch is scheduled for Wednesday as issuers race to capture Solana market share.
- The SEC is reviewing dozens of additional altcoin ETF applications expected to follow soon.
