On Bloomberg’s “ETF IQ,” Mr. Greg King, the illustrious CEO of REX Financial, delivered a passionate soliloquy advocating for Solana’s ascension in the realm of real-world finance, particularly for the noble stablecoins. He boldly declared his firm’s allegiance to Solana by crafting a 1940 Act, staking-enabled ETF, eschewing the wait for a conventional ’33 Act spot product, which seems as elusive as a unicorn in the crypto wilderness.
The Great Debate: Solana vs. Ethereum
When queried about the Solana-versus-Ethereum skirmish, King minced no words: “Ethereum, the silverback gorilla of crypto, sits comfortably in the number two spot. Solana, our radiant underdog, is among the top five, poised to dethrone the incumbent. This debate is so heated, I might as well have suggested that the Earth is flat!”
This dichotomy encapsulates the current market schism. Ethereum, the stalwart, remains the bedrock for on-chain finance and developer tools. Meanwhile, Solana pitches itself as the Ferrari of blockchains, boasting unparalleled throughput and low-latency user experience, perfect for payments, consumer apps, and, according to King, the scalable settlement of stablecoins. This pragmatic approach forms the crux of REX’s product strategy: if the blockchain thrives on volume and staking, why not create a regulated fund that channels these yields to shareholders?
“Solana is not just fast; it’s a marvel of modern technology, designed for high-speed processing. When the world was busy building stablecoins on Ethereum, I couldn’t help but think, ‘What a colossal blunder!’ I firmly believe Solana is the future of stablecoins, a narrative that will only grow louder.”
The vehicle embodying this vision is none other than SSK, REX’s Solana-centric ETF, which stakes SOL and disburses a monthly dividend. King likened staking to an interest rate on one’s crypto holdings, a gentle nudge towards network security without the environmental guilt of mining. “Imagine earning 6% to 8% annually on your digital assets, with SSK ensuring you receive those rewards directly. Currently, the distribution stands at a robust 5% per annum, though, as always, past performance is no guarantee of future results.”
REX Financial CEO Greg King foresees Solana’s triumph over Ethereum in the stablecoin arena. He shares his insights with @EricBalchunas on “ETF IQ”
– Bloomberg TV (@BloombergTV) August 25, 2025
The Structural Advantage of SSK
A cornerstone of King’s argument lies in the structural superiority of the ’40 Act investment company wrapper over the ’33 Act spot ETPs. “The ’40 Act wrapper is the Rolls-Royce of investment vehicles, offering more safeguards and flexibility. It’s the difference between a luxury sedan and a clunker.”
In practical terms, this means an actively managed portfolio capable of holding SOL directly and through listed instruments, while collaborating with institutional validators to optimize staking and liquidity. However, this comes at a cost-higher fees compared to vanilla equity ETFs and increased exposure to SOL’s volatility. REX acknowledges these trade-offs but remains steadfast in its yield-plus-beta proposition.
The interview also delved into the impending flood of new products across US exchanges. Bloomberg’s Eric Balchunas highlighted the queue of ’33 Act spot applications for tokens with established futures markets, while co-host Katie Greifeld probed the timeline for a “pure spot Solana ETF.” King was cautiously optimistic: “We’re on the cusp of an explosion, but let’s not forget that the crypto world can get quite murky beyond the top 20. Issuers must exercise discernment.”
Even among the majors, King anticipates a proliferation of funds per coin, with Solana emerging as a “prime candidate” due to its scale, underdog charm, and generous staking rewards. At press time, SOL was trading at a respectable $188.
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2025-08-26 16:24