First US Cryptocurrency ETF Launching Soon

The first U.S. Cryptocurrency Exchange-Traded Fund (ETF) is set to launch on Wednesday, allowing investors to stake Solana (SOL) and potentially earn yields.

Just two days after Cointelegraph hinted at the imminent release of the Rex-Soprey Solana and Staking ETF, the issuer Rex confirmed the fund’s debut is scheduled for Monday.

This Rex-Sosprey Fund, as it’s named, could enable investors to gain direct exposure to Spot Sol, earn staking revenues, and possibly encourage more institutional adoption of cryptocurrency.

The launch follows an updated prospectus from Rex and encouraging feedback from the U.S. Securities and Exchange Commission (SEC) on its C-CORP business structure, which regulators had previously deemed inconsistent with ETF regulations.

In May, the SEC concluded that staking doesn’t violate securities laws, yet it opted to delay decisions on Staked ETFs and various Altcoin funds.

Solana Prices Rise

According to Cointelegraph, following the announcement of the ETF, Solana’s price jumped by about 6%, reaching around $158. This increase has led to a rise of over 12% for Solana in the past week.

However, even with this rally, Sol remains about 46% below its record high since January, as reported by Coingecko.

Currently, Solana boasts a market capitalization of $83.5 billion, putting it among the top six cryptocurrencies.

Some analysts suggest that the approval of the Solana ETF might kickstart an “Altcoin Summer,” drawing funds focused on new Altcoins. Bloomberg’s senior ETF analyst Eric Balknas mentioned in June that some of these funds could gain approval by July, with Solana likely leading the way.

Interestingly, Solana is also gaining traction in the Decentralized Exchange (DEX) market, with its trading volumes recently surpassing those of Ethereum. Data from Cointelegraph and TradingView indicate that platforms like Raydium, Pump.fun, and Orca played significant roles in this spike.