Asset management firm RexShares has made an ambitious move to file a prospectus for Solana and Ethereum staking ETF products in the United States. Unlike other investment firms pursuing similar products, RexShares has chosen an unconventional application model for this product.
The RexShares Solana and Ethereum Staking ETF
An X post from Bloomberg Senior ETF Analyst James Seyffart revealed that this filing is not the typical 19b-4 obtainable in a traditional ETF pursuit. As explained, these are 40-Act funds with a unique structure.
While the launch date is not clear from the filing, the analyst suggests these products may go live within the next few weeks. This filing comes shortly after the US Securities and Exchange Commission (SEC) confirmed that Proof-of-Stake protocol staking is not securities.
Commenting further on the RexShares filing, James Seyffart noted at how clever the approach is.
“As you can see in screenshot above. They will be getting their spot exposure to ETH and SOL via Cayman subsidiaries. All of this, assuming they launch in near future, is a bunch of clever legal and regulatory work-arounds to get these products to market,” he said in the X post.
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Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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