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.
Crypto ETF Delay Trend Gaining Ground
RexShares might have chosen its unconventional approach due to the delays in different crypto spot ETF applications in the country.
Recently, the US SEC decided to delay its decision on Grayscale’s Avalanche and Cardano spot ETF applications. The delay affects the company’s effort to convert its Avalanche Trust into a spot ETF and a similar application for Cardano.
The security commission acknowledged Grayscale’s Cardano ETF proposal in February, kickstarting the statutory 240-day review period. With the initial decision deadline approaching, expectations surged. It is worth noting that prediction markets like Polymarket placed approval odds on the product as high as 71%, reflecting growing investor optimism.
Despite the enthusiasm, the delay introduces further uncertainty. The SEC has opened a new comment period to gather public feedback, suggesting the agency is still evaluating the broader market impact and regulatory implications.
Will WisdomTree XRP ETF Filing Break The Stalemate?
The SEC has moved WisdomTree’s XRP spot ETF proposal into the next evaluation phase. A public notice was issued, inviting comments on investor protection and the potential for market manipulation.
Notably, the proposal falls under Section 19(b)(2)(B), which sets the framework for continued scrutiny. If approved, it would be one of the first XRP spot ETF to gain regulatory clearance in the U.S.
In related news, Nasdaq has filed a Form 19b-4 with the SEC to list and trade shares of the 21Shares Sui ETF on its exchange. This motion officially triggers the regulatory review process. This move follows 21Shares’ earlier S-1 filing, showing the firm’s intention to offer institutional exposure to the SUI token.
CoinGape noted that SUI, the native asset of the Sui network, saw a modest 2% price increase following the filing news. However, it currently trades around $3.32, down by 6.92% in line with broader market sentiment.
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.
Follow him on X, Linkedin
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/rexshares-files-prospectus-to-list-solana-and-ethereum-staking-etfs/
✓ Share: