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The first Solana staking ETF in the US is listed, attracting market follow with an innovative regulatory model.
Solana stake ETF performs well after launch, attracting attention with innovative regulatory approaches
On July 3rd, the first Solana stake ETF in the United States was officially listed for trading on the Chicago Options Exchange, and the market reacted positively. The ETF's trading volume on its first day reached 33 million USD, with an inflow of 12 million USD, exceeding market expectations.
This ETF not only tracks the market price of Solana (SOL) but also provides investors with native stake rewards from Solana. The current dividend yield is 7.3%, distributed in the form of variable stake reward monthly dividends. In comparison, previously listed Solana futures ETFs have performed moderately, with lower average daily trading volumes.
The ETF adopts a "C Corporation" registration form and is registered under the Investment Company Act of 1940, rather than the traditional Securities Act of 1933. This structure allows for a quick listing but also brings some challenges. Since staking rewards are considered ordinary income, the fund must pay corporate income tax internally, and investors are also subject to dividend tax and capital gains tax, resulting in a relatively high overall tax burden.
Regulators have shown some hesitation towards this innovative structure. Although it was ultimately approved for listing, it may face more scrutiny in the future. This model serves as a reference for other crypto asset ETFs, but there are also uncertainties.
It is worth noting that the price of this ETF may not fully reflect the price movements of SOL. According to SEC filings, the fund's performance may not completely replicate the performance of the reference asset and may be affected by factors such as stake rewards and trading fees.
Currently, multiple companies are competing for the opportunity to launch a Solana spot ETF. Analysts expect these funds may receive approval within two to four months. Meanwhile, at least 60 other cryptocurrency ETF proposals are awaiting SEC review.