The crypto-ETF universe could be about to take a major leap: analysts are now pointing to the possibility that staking-enabled exchange-traded funds (ETFs) for Ether (ETH) and Solana (SOL) are on the verge of launching in the United States. Industry watchers say filings by REX Shares have adopted a “very rare” structure that may allow these staking-ETFs to hit the market in the coming weeks — a development many in the space have been waiting for.
What is special about the REX Shares filing?
According to ETF analyst James Seyffart, REX Shares' submission is “very rare in the ETF world” because the funds are structured as C-corporations (C-corps) rather than following the typical 19b-4 ETF registration process.
In its filing, REX Shares states the fund “is classified as a C-corporation for tax purposes, and, as such, will incur current and deferred tax expenses. … Such current or deferred tax liabilities … will be reflected in the Fund’s Net Asset Value.”
Seyffart notes the funds will gain spot exposure to Ether and Solana “via Cayman subsidiaries”.
The significance:
Using a C-corp structure and Cayman subsidiaries appears to be a workaround to move ahead under regulatory constraints.
The funds reportedly are not processed under the standard 19b-4 process (which is how many ETFs register) — instead, they leverage an alternative structure to potentially accelerate approval.
The move may reflect the strong demand for “staking” exposure by investors: among other things, the fact that existing spot ETH ETFs have lacked staking capability has been seen as an imperfection by industry players.
Why is staking such a big deal?
Staking is when holders of a proof-of-stake blockchain like Ethereum or Solana lock up their tokens to support network operations (such as validating transactions) and in return receive rewards. For many institutional investors, “staking exposure” is a higher value product than just holding the underlying token or a spot ETF.
In the case of Ether: after the launch of spot ETH ETFs in July 2024, many industry executives argued the product was incomplete without staking.
Now, the prospect of an ETF that can stake at least 50% of SOL and ETH (as cited by analysts) is seen as a next-evolution step.
Are these ETFs really “imminent”?
Analysts are cautiously optimistic. Seyffart says, “Don't know the launch date, but it could be within the next few weeks.”
Meanwhile Nate Geraci (President of ETF Store) described REX Shares' filing as a “regulatory end-around” and asserted the launches “look like two crypto ETF launches are imminent.”
The key caveats:
“Imminent” in regulatory and product-launch terms still means there could be delays or last-minute shifts.
The structure may involve trade-offs (for example, tax treatment or fund expenses) since it deviates from the usual ETF model.
Even if filings are in place, actual product launch—marketing, platform listing, investor uptake—could take time.
What could this mean for the market?
If these staking-enabled ETH and SOL ETFs launch soon, several possible implications arise:
For ETH and SOL prices: New institutional inflows may materialize, effectively increasing demand for these tokens.
For staking rewards: Institutional capital being directed into staking via ETFs may raise competition for validator slots or raise the relative attractiveness of staking yield.
For the ETF space: This could open the door for other staking-enabled funds, or broader institutional crypto products.
Regulatory precedent: The C-corp + Cayman subsidiary approach (if successful) might become a blueprint for other crypto-ETF issuers seeking staking exposure.
Conclusion
The debut of staking-enabled ETFs for Ether and Solana could mark a significant milestone in the maturation of crypto investment products. With REX Shares' unusual C-corp structure and the promise of staking at least half of the fund assets, analysts believe the launches are nearing. While caveats remain — including regulatory timing, product design trade-offs and market reception — the signs suggest the next wave of crypto ETFs may offer far more than mere spot exposure. For investors, issuers and regulators alike, the Upcoming weeks may be pivotal in defining how staking becomes mainstream.
