In our ETF Income Edge newsletter service, we have performed very well with Bitcoin covered call ETFs, and less so with the lone Ethereum covered call ETF (but prospects are improving).
Investors have been hoping for more new ETFs with different underlying crypto assets. On July 3, the team at Rex Shares launched the REX-Osprey SOL + Staking ETF (SSK), offering investment exposure to the Solana cryptocurrency. The Corporate Finance Institute provides this description for Solana:
Solana, which started in 2020, is a Blockchain platform on its own and has a native cryptocurrency with the same name. Solana is often used for smart contracts and now non-fungible tokens (NFTs). Its closest rival is said to be Ethereum, with many of the same features.
Here is the one-year price chart:
SSK introduces the twist that the ETF will earn staking fees, which will be distributed as monthly dividends. Staking rewards are paid to crypto investors who lock up their holdings to help the crypto network operate smoothly.
The literature from Rex Shares indicates an initial yield of 7% for SSK. I am not recommending the ETF at this time, but will be watching it closely to see if it brings some diversification of returns to the crypto ETFs we currently recommend to subscribers.
In the next couple of weeks I’m sending my readers additional research on crypto ETFs so watch your email.
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