First Solana ETF Launch Sparks 5% SOL Price Surge This Week!
Solana (SOL) Price Surge Amid ETF Launch Rumors
SOL Experiences Initial Price Increase
On Monday morning, Solana’s cryptocurrency, SOL, saw a notable increase of approximately 5% as speculation arose regarding the potential launch of a SOL Staking exchange-traded fund (ETF) by Rex Shares and Osprey Funds. This anticipated ETF could begin trading as early as Wednesday, generating excitement among investors.
Recent Price Adjustments
Following the initial surge, the price of SOL experienced a slight correction, currently reflecting a 2.3% increase over the last 24 hours, with the token valued at $157 at the time of reporting.
Confirmation of ETF Launch
A representative from Osprey has confirmed to CoinDesk that the ETF is indeed set to launch on Wednesday. This announcement follows a tweet from the automated news account “Unfolded,” which hinted at the upcoming fund’s debut.
Background on SEC Filings
Just a week prior, Rex Shares submitted a letter to the Securities and Exchange Commission (SEC) inquiring about the status of their filing comments. On the same day, the asset management firm took to social media to announce that the ETF was “coming soon,” implying that the SEC had no outstanding issues with their application.
Significance of the REX-Osprey SOL+Staking ETF
The REX-Osprey SOL+Staking ETF is poised to be the first of its kind in the United States. Meanwhile, several other companies are still in the process of seeking approval for spot SOL ETFs, which are expected to incorporate staking features as well.
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