On Bloomberg\u2019s \u201cETF IQ\u201d on Monday, REX Financial chief executive Greg King made his most forceful public case yet for Solana\u2019s role in real-world finance\u2014especially for stablecoins\u2014and explained why his firm built a 1940 Act, staking-enabled ETF around SOL rather than waiting for a traditional \u201933 Act spot product.<\/p>\n
King did not hedge when asked<\/a> to put the Solana-versus-Ethereum debate into plain language for mainstream investors: \u201cEth is the second biggest crypto. Solana is basically top five. A lot of people think Solana is the up and comer that will overthrow the area. It is a very controversial debate. I\u2019ve probably made friends and enemies even suggesting that now.\u201d<\/p>\n That framing goes to the heart of today\u2019s market divide. Ethereum remains the default base layer for on-chain finance and developer tooling; Solana\u2019s pitch is raw throughput and low-latency UX for payments, consumer apps, and\u2014crucially in King\u2019s view\u2014stablecoin settlement at scale. It\u2019s also the practical rationale for REX\u2019s product design: if the chain\u2019s economics are driven by volume and staking, package both into a regulated fund wrapper that passes yield through to shareholders.<\/p>\n \u201cSolana is basically faster and more designed for high processing speed. Frankly, when I saw the big debate come out about stablecoins being all built on Eth, I was like, this is a huge oversight. I think Solana is the story of the future as far stablecoins<\/a> go.\u201d<\/p>\n The vehicle implementing that thesis is SSK\u2014the firm\u2019s Solana-forward ETF that stakes SOL and pays a monthly distribution. King characterized staking for non-crypto natives as an income stream tied to network security rather than energy-intensive mining.<\/p>\n \u201cIt boils down to, for investors, basically an interest rate on your crypto,\u201d he said, noting that on Solana it \u201cvaries\u2026 somewhere between the 6% to 8% annualized range.\u201d In SSK\u2019s design, those rewards are not trapped inside the fund: \u201cSSK is the first fund to deliver that staking reward through to investors in the US,\u201d he said, adding that the current run-rate distribution is \u201croughly 5% a year right now,\u201d with the standard caveat that payouts fluctuate.<\/p>\n REX Financial CEO Greg King believes Solana is the story of stablecoin\u2019s future over Ethereum. He speaks with @EricBalchunas<\/a> on \u201cETF IQ\u201d https:\/\/t.co\/aVEoiSkzfo<\/a> pic.twitter.com\/iQx9g4oYJg<\/a><\/p>\n \u2014 Bloomberg TV (@BloombergTV) August 25, 2025<\/a><\/p>\n A second pillar of King\u2019s argument is structural. He drew a bright line between \u201933 Act spot ETPs\u2014long familiar to crypto investors via grantor-trust structures\u2014and the \u201940 Act investment-company wrapper REX chose. The latter, he said, is \u201cthe better wrapper\u2026 more investor safeguards, more flexible.\u201d<\/p>\n In practice, that means an actively managed portfolio that can hold SOL directly and via listed instruments while delegating to institutional validators and optimizing for staking capture and liquidity. It also means higher all-in costs than a plain-vanilla equity ETF and concentrated exposure to a single crypto-asset\u2019s volatility\u2014trade-offs the firm acknowledges even as it leans into the yield-plus-beta pitch.<\/p>\n The interview also touched on the coming product wave across US exchanges. Bloomberg\u2019s Eric Balchunas flagged the queue of \u201933 Act spot applications for tokens with established futures markets, while co-host Katie Greifeld pressed on timing for a \u201cpure spot<\/a> Solana ETF.\u201d King was cautious on exact dates but not on direction: \u201cI do think we see a bit of an explosion,\u201d he said\u2014then immediately drew boundaries around quality control.<\/p>\nSolana ETF Spotlight<\/h2>\n