The first U.S. cryptocurrency exchange funds (ETFs) will be launched on Wednesday to allow investors to hold Solana (sol) and earn a rate of return through points.
Two days later Auxiliary device report Issuer Rex (Rex) shares confirmed on Monday that Rex-Osprey Solana and Staking ETF are likely to appear, with the fund making its debut.
As the name suggests, the Rex Sugli Foundation will give investors direct exposure to spot SOL as well as accumulating revenue, and potentially pave the way for a wider range of institutions to adopt cryptocurrencies.
The release comes after REX’s updated prospectus and positive feedback from the Securities and Exchange Commission on its unique C-CORP business structure – a regulator has previously argued that such an arrangement contradicts the so-called ETF rules.
this SEC ruled in May The points did not violate the securities laws, but decided to make a decision on the Staked ETF and other Altcoin funds.
Related: Coinbase seeks SEC approval for “Token Stocks” – Report
Sol Price extends the rally
Solana’s price rose 6% to around $158 shortly after the ETF news, according to Cointelegraph. With this gain, SOL has now grown by more than 12% over the past seven days.
Despite the rally, SOL is still 46% higher than its all-time high since January Co Ringecko data.
At current prices, Solana has a market capitalization of $83.5 billion, making it the sixth largest cryptocurrency.
Some analysts speculate that the approval of the Solana ETF can Raise “Altcoin Summer” Driven by new altcoin-centric funds.
Eric Balchunas, a senior ETF analyst at Bloomberg, noted in June that several such funds are preparing to be approved in July and Solana may “lead”.
Solana also gains momentum in the diversified exchange (DEX) market DEX volume has recently exceeded Ethereum’s volume. Raydium, Pump.Fun and Orca have been major contributors to this surge, according to Cointelegraph and TradingView data.
Related: U.S. crypto ETF approval odds surge to “90% or higher” – Bloomberg analysts
