Solana ETF Launch Imminent, Price Sees Positive Bump

The crypto market is buzzing with excitement as the first Solana (SOL) staking exchange-traded fund (ETF) is expected to launch this week. News of the pending launch, spearheaded by Rex Shares and Osprey Funds, triggered a noticeable uptick in the price of SOL.

Initially, SOL experienced a jump of approximately 5% on Monday morning following rumors of the ETF's imminent arrival. While the price has since moderated slightly, it remains up around 2.3% over the past 24 hours, trading at approximately $157 at the time of writing.

A spokesperson for Osprey Funds has confirmed that the "fund will launch Wednesday," solidifying the news that initially surfaced via an automated headline account on X (formerly Twitter).

Rex Shares' SEC Engagement

Rex Shares has been actively engaging with the Securities and Exchange Commission (SEC) in anticipation of the ETF's approval. Last week, they filed a letter inquiring about the resolution of any outstanding comments related to their filing. Shortly after, a post on their X account hinted at an imminent launch, suggesting that the SEC had completed its review.

A First for the US Market

The REX-Osprey SOL+Staking ETF represents a significant milestone as the first of its kind in the United States. While other firms are also pursuing spot SOL ETFs, which are anticipated to include staking features, this ETF is set to be the first to market.

Key Takeaways:

• The first Solana staking ETF is expected to launch this week from Rex Shares and Osprey Funds.
• The announcement has caused a positive, though moderate, price movement in SOL.
• The ETF marks a significant first for the U.S. market, potentially paving the way for further Solana-based investment products.