Управляющая компания CoinShares начинает процесс создания продукта для стейкинга Solana в США

cryptonews.ruPublished on 2025-08-15Last updated on 2025-08-15

  • CoinShares регистрирует компанию Solana Staking ETF в Делавэре, что свидетельствует о намерениях рынка США.
  • Предлагаемый ETF направлен на объединение вознаграждений за стейкинг PoS с традиционной доступностью ETF.
  • Получение одобрения регулирующими органами сталкивается с препятствиями на фоне проверки SEC стейкинга и ETF альткоинов.

Компания по управлению активами CoinShares сделала официальный шаг к запуску предлагаемого биржевого фонда (ETF) Solana (SOL) в США, зарегистрировав новое юридическое лицо в штате Делавэр, как следует из документов, поданных в органы штата.

Этот шаг представляет собой ранний, но важный шаг на пути вывода на американские рынки нового типа финансового продукта на основе криптовалюты.

Как работает предлагаемый ETF Solana Staking

Предлагаемая структура фонда будет сочетать в себе особенности традиционного ETF с протоколом Proof-of-Stake (PoS) Solana. В случае одобрения продукт будет хранить токены SOL и активно размещать их в сети Solana для получения вознаграждений. Эти вознаграждения за стейкинг могут затем распределяться между инвесторами либо посредством увеличения чистой стоимости активов (NAV) ETF, либо посредством прямых выплат.

По теме:Гонка за место в Solana ETF усиливается, поскольку европейские гигантские CoinShares подают документы в США

Этот формат ETF позволит акциям торговаться на существующих фондовых биржах, предоставляя учреждениям и частным лицам более простой доступ к вложениям в Solana без необходимости управлять собственными цифровыми кошельками или напрямую ориентироваться в протоколах ставок.

Ориентация на институциональных инвесторов

Аналитики отрасли рассматривают решение CoinShares о создании компании как сигнал уверенности в растущей роли Solana в сфере цифровых финансов.

Читайте также: CoinShares запускает первый в истории ETP-токен SEI с моделью «нулевая комиссия, доходность 2%»

Подход компании направлен на снижение барьера для входа институциональных инвесторов, таких как пенсионные фонды и целевые фонды, которые часто избегали прямых инвестиций в криптовалюту из-за сложностей регулирования и операционной деятельности.

Нормативные аспекты и поддержка ликвидного стейкинга

Несмотря на регистрацию, путь к одобрению регулирующих органов остаётся неясным. Комиссия по ценным бумагам и биржам США (SEC) с осторожностью относится к криптовалютным ETF, особенно к тем, которые включают альткоины и функции стейкинга.

Ключевые факторы, находящиеся под пристальным вниманием, включают юридическую классификацию SOL, порядок начисления вознаграждений за стейкинг, защиту инвесторов и требования к надёжному хранению базовых активов. ETF также должен учитывать риски «слэшинга», которые могут привести к убыткам в случае ненадлежащего поведения валидаторов или простоя.

В других сферах управления активами такие компании, как BlackRock, добиваются разрешения на интеграцию стейкинга в существующие спотовые ETF на базе Ethereum. Тем временем, ряд организаций, включая Jito Labs, VanEck, Bitwise, Solana Policy Institute и Multicoin Capital, активно призывают регуляторов разрешить ликвидный стейкинг в ETP на базе Solana.

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