ETF provider REX Shares is preparing to launch the world’s first exchange-traded fund (ETF) focused on Solana staking. According to analysts, the company has successfully addressed the comments from the U.S. Securities and Exchange Commission (SEC).

“REX filed an updated, fully completed prospectus. Overall, it seems the launch is already imminent,” ETF analyst Eric Balchunas wrote on X (formerly Twitter) on Friday.

SEC Has No Objection to Unconventional Fund Structure
ETF Store President Nate Geraci wrote on X the same day that the SEC appears satisfied with the very rare C-Corp business structure used by REX Shares in their fund. Previously, the regulator criticized this structure for not complying with Rule 6c-11, also known as the “ETF rule.”

“It looks like they are ready to move forward with this creative structure under the ’40 Act,” Geraci noted.
Earlier, on May 29, he had already called REX Shares’ approach a “regulatory workaround.”

ETF analyst James Seyffart confirmed Geraci’s statement, saying that REX Shares’ Solana staking ETF structure is “an extremely rare case in the ETF world.” The company bypassed the standard filing procedure under Form 19b-4, which other crypto fund providers follow. Their staking ETF applications are still awaiting SEC approval.

Analysts Believe SEC Comments Have Been Addressed
“It seems they consider all SEC comments resolved. The summer of crypto ETFs has begun,” Geraci wrote.
Balchunas, meanwhile, referenced a screenshot of a letter confirming that REX Shares has indeed addressed the regulator’s remarks.

“It looks like the launch can happen now. Wow,” he added.
On the same day, REX Shares announced that “the first U.S. crypto ETF with staking is coming soon.”

Industry Has Long Awaited a Staking ETF
REX Shares explained that their fund, the REX-Osprey SOL and Staking ETF, is designed to track the price of Solana while simultaneously generating income through on-chain staking.

“A new era of yield-bearing crypto instruments has begun,” the company stated.
The concept of staking within an ETF has long attracted market participants. On March 20, BlackRock’s Head of Digital Assets, Robbie Mitchnick, called their Ethereum ETF a huge success but admitted that without staking, such a fund is “less than perfect.”