REX Shares is poised to pioneer the first staked crypto Exchange Traded Funds (ETFs) in the U.S. This thrilling development represents an important milestone in bringing digital assets to traditional finance products. The company has partnered with Osprey Funds to develop ETFs based on both Ethereum (ETH) and Solana (SOL). This project provides investors with the opportunity to get exposure to these cryptocurrencies while earning yield via on-chain staking. This move comes after having convened some really fruitful conversations with the SEC recently. The good news is that it appears the SEC is willing to entertain REX Shares’ novel fund structure.

Innovative Structure Bypasses Traditional Hurdles

REX Shares and Osprey Funds have structured their SOL staking ETF proposal in a manner that circumvents the conventional 19b-4 filing process. According to Bloomberg’s James Seyffart, this specific approach is “very rare in the ETF world.” It’s received significant buzz as it could potentially accelerate the approval of new crypto-based investment products.

The SEC's apparent openness to REX Shares' C-corp business structure, previously a point of contention, signals a shift in regulatory sentiment. ETF Store president Nate Geraci noted that the SEC "seems comfortable pushing forward w/ their creative '40 Act structure."

Updated Prospectus Addresses SEC Concerns

To REX Shares’ credit, in direct response to the concerns raised, they eliminated the vagueness and ambiguity by filing a new, more informative and lengthy prospectus. That proactive step is apparently what the SEC wanted to see. Consequently, we find ourselves now on the cusp of the long-awaited launch of the staked crypto ETFs.

Rex also filed an updated prospectus, which totally filled in. Add it all up, and it appears as though all systems go for imminent launch. - Eric Balchunas

The new prospectus answers many lingering questions and ambiguities. This could signal a very promising direction for the upcoming ETF launch.

Solana ETF Approval Odds Increase

The launch of the first REX-Osprey SOL + Staking ETF comes during a notable trend in Solana-based investment vehicles. REX Shares created the REX-Osprey SOL + Staking ETF to provide investors access to track Solana’s performance and to earn yield via on-chain staking.

In fact, at least seven asset managers are still vying to be the first to launch a spot Solana ETF in the U.S. The race is definitely on! Bloomberg analysts are raising expectations for the likelihood of a SOL ETF to be approved, pointing to productive communication with the SEC. Their implied probability of SOL funds receiving regulatory approval by the end of 2025 just increased to 95%.

Here’s the SEC saying it has no further comments, so they are good to launch it looks like. Wow. - Eric Balchunas

A New Era for Yield-Generating Crypto

“REX Shares has launched a new era of yield-generating crypto,” they declared in a June 27, 2025 tweet. This announcement further underscores the firm’s deep commitment to pioneering the future of digital assets. The introduction of staked ETH and SOL ETFs is a significant step forward. It does an artisanal job of connecting the old world of finance with the new, explosive world of digital assets.

These ETFs provide investors a regulated and convenient vehicle to invest in the growing crypto market. They offer the ability to accrue staking rewards. In fact, the SEC appears quite hungry to consider novel fund structures. This would signal a more open regulatory posture toward crypto-based investment products.