Saad Ullah
The first US Solana exchange-traded fund just launched on the Cboe BZX exchange, and it's already making waves. The REX-Osprey Solana (SOL) ETF went live today, pushing SOL price up to an intraday high of $153.21.
REX-Osprey Solana (SOL) ETF Makes History
Today marked a big day for crypto as the REX-Osprey Solana ETF started trading on the Cboe BZX exchange. What makes this launch special? It's the first staking-enabled ETF in the US, which is pretty huge for the crypto world.
This isn't your typical crypto ETF that just sits there holding tokens. The Solana (SOL) ETF actually lets investors earn staking rewards, which get paid out as dividends. That's a game-changer because it means you can get exposure to SOL and potentially earn extra yield at the same time.
SOL Price Jumps After ETF Launch
The market reacted quickly to the news. According to CoinGecko data, SOL hit $153.21 shortly after the ETF went live. This kind of price action shows just how much impact these institutional products can have on crypto markets.
The jump makes sense when you think about it. This ETF gives regular investors an easy way to get SOL exposure without having to deal with crypto wallets or exchanges. That convenience factor usually drives up demand, and we're seeing that play out in real time.
Why This Solana ETF Structure Is Causing Drama
Here's where things get interesting. The REX-Osprey Solana (SOL) ETF didn't go through the normal approval process that most crypto ETFs have to deal with. Instead, they used something called a C corporation structure to get around the usual regulatory hoops.
This workaround lets the ETF do things like staking and paying dividends, but it's also stirring up some controversy. The fund skipped the typical 19b-4 rule change process, which left some people scratching their heads about whether this should even count as a "real" ETF.
The confusion was so real that even Polymarket, the popular betting platform, had to figure out how to handle their Solana ETF prediction markets. After some back and forth, they decided that yes, this nontraditional structure does count as a legitimate Solana ETF launch. Whether this opens the door for more creative crypto ETF structures remains to be seen, but it's definitely got people talking.
Saad Ullah
