2 days ago
REX Shares and Osprey Funds person selected Anchorage Digital arsenic the exclusive custodian and staking spouse for their recently launched REX-Osprey Solana + Staking ETF (SSK), the archetypal crypto staking exchange-traded money (ETF) listed successful the U.S.
The fund, which offers investors vulnerability to Solana (SOL) portion generating staking rewards, began trading Wednesday connected the Cboe speech Wednesday astatine $25.47 per share.
Unlike existing spot bitcoin and ethereum ETFs, which autumn nether antithetic regulatory frameworks, SSK is registered nether the Investment Company Act of 1940. That means a qualified custodian — not the money issuer — is required to clasp the underlying assets. Anchorage Digital, presently the lone federally regulated slope authorized to some custody and involvement integer assets, volition capable that role.
“Staking is the adjacent section successful the crypto ETF story," said Nathan McCauley, CEO and co-founder of Anchorage Digital, successful a release. "The motorboat of crypto staking ETFs marks a triumph for consumers and a important measurement guardant successful afloat entree to the crypto ecosystem."
The ETF gives investors indirect vulnerability to Solana portion besides participating successful the blockchain’s staking mechanism, which provides further output by helping to unafraid the network. Staking allows holders of definite cryptocurrencies to gain rewards by locking their tokens into the network, a process that antecedently required method know-how and nonstop enactment with crypto protocols.
By packaging staking into an ETF structure, REX Shares and Osprey purpose to marque that process accessible to a wider scope of investors done accepted brokerage accounts.
SOL is higher by 2% implicit the past 24 hours to $150.
The SSK motorboat comes arsenic the crypto ETF marketplace continues to germinate beyond bitcoin and ether, with issuers exploring caller ways to bring blockchain-based products to regulated exchanges. The instauration of staking ETFs marks a caller signifier for the industry, combining income-generating features with vulnerability to integer assets, each wrong an SEC-regulated concern vehicle.
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