$SOL has not been approved for a spot ETF, at least not at this moment.
On June 28, the REX-Osprey Solana Staking ETF was indeed approved, but it's important to clarify that this happened on June 28, which was last Saturday.
Furthermore, the REX-Osprey Solana Staking ETF fundamentally differs from a traditional SOL spot ETF in terms of structure, sources of returns, and risk exposure.
In simpler terms, a SOL spot ETF allows you to legally hold SOL, while the REX-Osprey staking ETF allows you to legally hold SOL while also staking it on-chain to earn interest.
At first glance, the REX-Osprey Solana Staking ETF may seem better, but the biggest difference is that a spot ETF operates in a more public market with better liquidity, whereas the REX-Osprey Solana Staking ETF is similar to Grayscale's situation when it did not launch a spot ETF, meaning its liquidity will be significantly constrained.
The REX-Osprey Solana Staking ETF is more like a transitional version of a spot ETF. It provides a tool for legally and compliantly holding SOL and earning on-chain returns before a spot ETF is officially approved.
However, in essence, its liquidity, valuation proximity, and bid-ask spread still cannot compare to a true spot ETF.
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