The United States could see its first Ethereum and Solana staking ETFs launch within weeks, according to ETF analysts. This follows a recent filing by ETF provider REX Shares, which analysts say employs “regulatory workarounds.”
The inclusion of staking has been a highly anticipated feature for spot Ether (ETH) ETFs since their initial launch. Some industry figures have argued that the products feel incomplete without it.
REX Shares Filings Feature a “Unique Structure”
“These ETFs are structured as c-corps, which is very rare in the ETF world,” ETF analyst James Seyffart said in a May 30 X post, commenting on the REX Shares filing.
“Don’t know the launch date, but it could be within the next few weeks.”
REX Shares explained in its filing that the fund “is classified as a C-corporation for tax purposes and, as such, will incur current and deferred tax expenses.”
“Such current or deferred tax liabilities, if any, will be reflected in the Fund’s Net Asset Value,” the company added.
Seyffart elaborated that REX Shares’ proposed Solana (SOL) and Ether staking ETFs “are 40-act funds with a unique structure and do not go through the 19b-4 process.”
This development comes after the SEC delayed its decision on Bitwise’s application to add staking to its Ether ETF on May 21. Seyffart noted at the time that the delay was expected because the SEC “typically takes the full time to respond to a 19b-4 filing.”
Potential Crypto ETF Launches “Are Imminent”
According to Seyffart, the funds will gain spot exposure to Ether and Solana “via Cayman subsidiaries.”
“All of this, assuming they launch in the near future, is a bunch of clever legal and regulatory workarounds to get these products to market,” Seyffart stated.
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“There are pros and cons to the structure, but it looks like one pro is that this was one way to get some level of signoff from the SEC,” Seyffart added.
Echoing a similar sentiment, ETF Store President Nate Geraci said that Rex Shares took “the regulatory end-around.”
“Looks like two crypto ETF launches are imminent,” Geraci stated, explaining that both ETFs are seeking to stake “at least 50%” of Solana and Ether.
This has been a long-awaited feature by many in the industry. On March 20, BlackRock’s head of digital assets, Robbie Mitchnick, described the firm’s Ether ETF as a “tremendous success” but acknowledged a key limitation: the ETF is “less perfect” without staking.
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