Main Points:
- Crypto ETF issuers advised to choose only top-tier tokens (Top 10–20)
- Not expecting mass filings, but many ETFs per crypto coin
- REX waiting on memecoin ETF approvals: BONK, TRUMP, DOGE
- Solana ETF with staking launched; Solana pitched as the future of stablecoins
- Solana seen as fast, high‑processing competitor to Ethereum
- Spot Solana ETFs: nine issuers filed; approval likely by October
- REX’s Sol + Staking ETF passed US$100 million AUM in 12 trading days
- Liquid staking (JitoSOL) integrated, delivering full staking rewards to investors
- SEC issuing streamlined disclosure guidance and moving toward faster approvals
Selecting Only the Most Promising Crypto Assets
Greg King, CEO of REX Financial, warned on Bloomberg’s ETF IQ that the crypto landscape grows increasingly dubious beyond the top 10, and even more so past the top 20. He urged ETF issuers to exercise rigorous selection. Although he doesn’t foresee a massive surge in filing for ETFs across myriad cryptocurrencies, he does anticipate multiple funds targeting each eligible coin.
This cautious stance comes amid accelerating momentum for crypto ETFs, propelled by the success of Bitcoin spot ETFs and a notably friendlier approach from the SEC under the current U.S. administration.
REX’s Frontier in Meme Coin ETFs
REX Financial is actively awaiting approval for ETFs exposed to memecoins such as Bonk (BONK), Official Trump (TRUMP), and Dogecoin (DOGE) — the latter ranking 10th in market cap. These filings capture market interest but have sparked concern over speculative “casino‑style” behavior lacking underlying fundamentals.
Solana ETF with Staking Exposure: A New Institutional Gateway
In early July, REX launched the first U.S. Solana ETF offering direct staking reward exposure alongside price participation . Remarkably, the REX‑Osprey Sol + Staking ETF (ticker: SSK) reached over US$100 million in assets under management within just 12 trading days after its July 2 launch. This rapid uptake highlights growing appetite for blockchain-native, yield-bearing ETF structures.
Moreover, REX‑Osprey integrated JitoSOL — a liquid‑staking token — into SSK, allowing staked SOL to remain liquid and tradable, while fully passing staking rewards to shareholders.
Solana as the Future of Stablecoins
King lauded Solana’s high‑speed design, arguing that the prevailing focus on Ethereum for stablecoin issuance is a significant oversight. He claims Solana is actually “the story of stablecoin’s future” and continues to attract attention as a possible Ethereum successor despite the controversy his assertion has stirred.
Further, he emphasized that Solana is an excellent candidate for a spot ETF, especially given its staking yield advantage over Ethereum, and its potential appeal as a portfolio asset.
Spot Solana ETF Wave and Regulatory Outlook
There are nine known issuers that have filed for spot Solana ETFs: VanEck, Bitwise, Grayscale, 21Shares, CoinShares, Canary Capital, Franklin Templeton, Fidelity, and a joint Invesco–Galaxy Digital fund. Regulators are expected to clear these by October, with analysts expressing strong confidence in approval.
At a broader level, the SEC issued a landmark 12‑page guidance in July outlining disclosure requirements for crypto ETFs — signaling a major regulatory shift toward mainstreaming crypto investment vehicles. A second guidance phase is anticipated to streamline listing protocols (potentially reducing approval timelines from 240 days to 75).
Notably, REX and Osprey’s SSK ETF bypassed some of these hurdles by deploying an alternative structural approach under the Securities Act of 1940, raising US$12 million on its first trading day.
Recent Developments and Market Traction
Media reports confirm that SSK trades on the Cboe BZX exchange and offers Solana exposure with staking via traditional brokerage accounts — an approximate staking yield of ~7.3% annually has been cited. Although initial demand was strong (US$20 million in trading volume on the first day), analysts caution that ETFs tied to smaller tokens may struggle long‑term unless institutional interest strengthens.
Meanwhile, broader regulatory developments reflect growing institutional embrace of crypto assets, with the SEC pivoting from enforcement only to structured rule‑making.
Summary
In summary, Greg King’s commentary underscores a prudential yet opportunistic strategy for crypto ETFs: focus on top‑tier tokens, pioneer yield‑bearing structures, and capitalize on regulatory tailwinds. Solana emerges as a high‑velocity, staking‑friendly alternative to Ethereum — not just technologically, but as a narrative-driving asset for stablecoins and ETFs. REX’s early entry into the Solana ETF space, incorporating staking and liquid staking via JitoSOL, has gained notable traction, though sustainability will depend on broader investor adoption and evolving SEC frameworks.
