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CoinShares, FTX Team Up to Launch Physical Staked Solana ETP -Breaking

by Mike Robinson

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CoinShares and FTX team up to launch Physical Staked Solana ETP
  • CoinShares & FTX will team up to offer a physically-backed, exchange-traded product (ETP) for their new physical-backed SOL (Stock Options).
  • CoinShares will launch the product CoinSharesFTX Physical Staked Solana with 1 million SOL as seed capital.
  • CoinShares ETPs’ unique staking system will be used for the new CoinShares ETP.

CoinShares is one of Europe’s largest cryptocurrency investment companies. They have teamed up with cryptocurrency exchange FTX in order to create a physical-backed Solana exchange-traded product.

CoinSharesFTX Physical Staked Solana is the name of the product and it will go live with 1 million SOL as seed capital. An official announcement was made Wednesday that this will give investors 3% in staking rewards. This new ETP cryptocurrency is the first joint initiative of CoinShares and FTX.

The announcement comes just after FTX had announced its European expansion earlier this month, after having received the approval of the Cyprus Securities and Exchange Commission.

The product will be listed on Xetra, which is Germany’s major digital market, and is the fourth ETP rolled out by CoinShares in 2022. CoinShares launched its Physical Staked ETP earlier this year, in March. The two previous ETPs were CoinShares’ Physical Staked ETP and Physical Staked Tezos ETP in January.

The new CoinShares FTX Physical Staked Solana, similar to CoinShares’ previously launched ETPs, will incorporate a unique staking mechanism. This mechanism will allow issuers to split staking rewards by increasing their daily coin entitlement and reducing the management fees.

Sam Bankman-Fried, CEO of FTX, noted that the latest ETP launch follows the successful launch of FTC Access – a tool that combines the expertise behind FTX and FTX US to provide institutional clients access to digital asset products.

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