Solana Staking ETF (SSK) Transitions to Registered Investment Company (RIC) Structure, Courtesy of REX-Osprey

In a significant move for the crypto investment landscape, REX-OspreyTM's Solana Staking ETF (SSK) has converted to a Regulated Investment Company (RIC) structure, effective September 1. This change positions SSK to compete on long-term returns without the drag of double taxation.

The RIC structure conversion aligns SSK with the standard ETF model while preserving its unique exposure to Solana (SOL) and staking rewards. SSK directly holds SOL and other non-U.S. exchange-traded products that hold SOL and generate staking yields. This change allows SSK to go straight to spot SOL, locking in real staking yields without the drag of contango.

Greg King, CEO of REX Financial, stated that the conversion is an important improvement for SSK and its investors. The change is designed to provide a more tax-efficient investment experience, boosting tax efficiency by eliminating federal and state taxes at the fund level. The conversion may attract more investors seeking tax-efficient investment opportunities in Solana and staking rewards.

The RIC structure may potentially lead to increased competition within the Solana staking ETF market. The change in SSK's structure may influence other Solana-focused ETFs to consider similar conversions in the future. The conversion sets a precedent for Solana staking access within the ETF industry.

The REX-OspreyTM partnership combines ETF pedigree with crypto infrastructure know-how, crafting products that meet regulatory compliance and on-chain performance. The founding partners of REX-OspreyTM, REX Financial and Osprey Funds, belong to the institutions REX Financial and Osprey Funds, respectively.

It's worth noting that SSK remains the only U.S.-listed ETF providing exposure to spot Solana (SOL) and staking rewards. Meanwhile, DeFi lending has seen a 72% growth, with stablecoins and RWAs driving this growth. This growth in DeFi lending underscores the growing interest in cryptocurrency investments and staking opportunities.

In conclusion, the conversion of SSK to a RIC structure marks a significant step forward for the crypto ETF industry. By providing a more tax-efficient investment experience, SSK is well-positioned to attract a broader range of investors seeking exposure to Solana and staking rewards.