Today in crypto: The United States is set to debut its first exchange-traded fund offering crypto staking, Kazakhstan’s central bank announced plans for a state-run crypto reserve, and Metaplanet has become the fifth-largest corporate Bitcoin holder following a $108 million BTC purchase.

First US staking ETF to launch Wednesday, giving investors exposure to Solana

The first US staked cryptocurrency exchange-traded fund (ETF) will launch on Wednesday, allowing investors to hold Solana (SOLANA) and earn yield through staking.

Two days after Cointelegraph reported that the REX-Osprey Solana and Staking ETF could launch imminently, issuer REX Shares confirmed on Monday that the fund is set to debut.

As the name suggests, the REX-Osprey fund will give investors direct exposure to spot SOL along with staking income, potentially paving the way for broader institutional adoption of crypto.

The launch follows REX’s updated prospectus and positive feedback from the US Securities and Exchange Commission (SEC) regarding its unique C-Corp business structure — an arrangement the regulator had previously argued conflicted with the so-called ETF rule.

The SEC ruled in May that staking does not violate securities laws, but still decided to punt its decision on staked ETFs and other altcoin funds.

Cryptocurrencies, Investments, Kazakhstan, MicroStrategy, Michael Saylor, Companies, Policy, Bitcoin Reserve
Source: REX Shares

Kazakhstan plans to establish national crypto reserve

The National Bank of Kazakhstan plans to establish a state-managed cryptocurrency reserve, according to a Monday report by government news agency Kazinform.

Local authorities are studying the development of a crypto reserve, which would follow international practices. Typically, such reserves are likely to be funded with expropriated digital assets and state-run crypto mining operations, the report said.

National Bank of Kazakhstan Chairman Timur Suleimenov acknowledged the volatility and risks associated with crypto assets. He said that placing the reserve under the control of a centralized institution would ensure proper oversight and risk management.

A response from the national bank to a parliamentary inquiry concerning digital assets, dated May 22, also said that the central bank supported the creation of a state-run crypto reserve. The document suggested that it could be managed by a national bank subsidiary specializing in alternative investments.

Kazakhstan’s central bank’s response to the inquiry. Source: Mazhilis of the Parliament of the Republic of Kazakhstan

Metaplanet surpasses Cleanspark with $108M million Bitcoin buy

Japanese Bitcoin treasury firm Metaplanet has surpassed mining company Cleanspark in becoming the fifth-largest corporate holder of Bitcoin after buying another 1,005 BTC for $108 million.

The firm now holds 13,350 BTC acquired for around $1.31 billion at around $97,832 per Bitcoin. At current market prices, the treasury is worth $1.45 billion. 

Bitcoin mining company CleanSpark holds 12,502 BTC, according to BiTBO. The firm has eclipsed Tesla, Hut 8, Coinbase and Block Inc. in Bitcoin treasury size and now only trails Strategy, Marathon Digital, Twenty One Capital and Riot Platforms.

Metaplanet CEO  Simon Gerovich said the aggregate price per coin for its latest purchase was $107,601, and the firm has achieved a BTC yield of 349% year-to-date.