In the fast-evolving world of cryptocurrency, where headlines are dominated by Bitcoin and Ethereum, REX Financial’s CEO Greg King has thrown a spotlight on Solana. During a segment on Bloomberg’s “ETF IQ” this Monday, King laid out a compelling case for Solana’s potential in the realm of real-world finance, particularly when it comes to stablecoins. His preference for Solana over Ethereum is not just a fleeting opinion; it forms the backbone of REX’s recent strategic move—a staking-enabled ETF built around Solana.
Solana vs. Ethereum: The Debate Heats Up
King’s remarks couldn’t have been more direct: “Eth 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.” This candid comparison underscores a brewing divide in the crypto market. Ethereum has long been the go-to for on-chain finance and developer tooling. However, Solana offers something different—an infrastructure designed for speed and efficiency, crucial for payments, consumer apps, and stablecoin settlements, which King believes is a significant oversight by those who focus solely on Ethereum. This sentiment echoes the views of other industry leaders, such as Arthur Hayes, who recently shared his thoughts on the Ethereum vs. Solana debate.
“Solana is faster and more designed for high processing speed,” King emphasized. This efficiency translates into a practical rationale for REX’s product design. The firm’s new Solana-focused ETF, SSK, stakes SOL and distributes monthly returns, reflecting Solana’s staking rewards, which King described as akin to an “interest rate on your crypto.”
The Allure of Solana’s Staking Rewards
Solana’s staking capabilities are central to its appeal, according to King. By offering a substantial annualized return, varying between 6% to 8%, it presents an attractive proposition for investors. “SSK is the first fund to deliver that staking reward through to investors in the US,” King noted, highlighting the fund’s design for passing staking rewards directly to shareholders. Although the current distribution is around 5% annually, King was quick to caution that these payouts are subject to fluctuation. This move aligns with broader trends in the industry, as seen in VanEck’s efforts to bring Solana’s liquid staking to traditional finance investors through their JitoSOL ETF.
This isn’t just about staking, though. It’s about transforming crypto investments into a more traditional vehicle that American investors can understand and access. King’s strategy is rooted in the belief that Solana’s scalability and speed make it the “story of the future” for stablecoins.
Structural Advantages in a Crowded Market
King also drew attention to the structural advantages of their chosen ETF framework, the ’40 Act investment-company wrapper. Unlike the ’33 Act spot ETPs, which many associate with crypto’s grantor-trust structures, the ’40 Act offers more robust investor protections and flexibility, allowing REX to manage an actively optimized portfolio that can hold SOL directly.
However, King acknowledged the trade-offs—higher all-in costs and concentrated exposure to Solana’s volatility. Yet, he remains optimistic about the ETF’s appeal, particularly in the wake of a potential product wave across US exchanges.
While Bloomberg’s Eric Balchunas and Katie Greifeld pressed King on the timing for a “pure spot Solana ETF,” he remained cautious but optimistic. “I do think we see a bit of an explosion,” King remarked, though he was quick to note the importance of quality control. “Crypto gets pretty sketchy below the top 10, certainly below the top 20,” he warned, suggesting that careful selection will be crucial.
The Road Ahead for Solana and REX Financial
As of today, Solana trades at $188, positioning it as a formidable contender in the crypto landscape. King’s endorsement and strategic positioning of REX Financial’s ETF around Solana not only highlight its potential but also raise questions about the future dynamics between Solana and Ethereum. Could Solana truly be the “underdog” that upends Ethereum’s dominance?
Looking forward, the crypto community will be watching closely. Whether Solana can sustain its momentum and deliver on its promise of speed and efficiency remains to be seen. But one thing is clear: Greg King and REX Financial are betting on Solana’s potential to reshape the stablecoin narrative. And in this volatile market, that’s a story worth keeping an eye on.
Source
This article is based on: REX Financial CEO Picks Solana Over Ethereum: Here’s Why
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
