Coindesk and others reported on today's launch of the REX-Osprey SOL + Staking ETF, highlighting its pioneering approach as the first U.S. exchange-traded fund to combine crypto exposure with on-chain staking rewards. Trading on the CBOE and structured under the Investment Company Act of 1940 (‘40 Act), the fund offers investors access to Solana (SOL) while earning yield from staking. This is a watershed moment in digital asset finance because staking yield is no longer limited to wallets and validators.
To sidestep the long regulatory bottlenecks of the ‘33 Act spot ETF route, Osprey and REX opted for the more nimble ‘40 Act structure. They created a C-corporation that owns a Cayman-based subsidiary, which in turn acquires and stakes SOL tokens. This clever structuring enabled the ETF to launch faster and earn SEC clearance with a “no further comment” letter.
The result? Institutional-grade exposure to SOL, with staking yield, wrapped inside a regulated, listed fund. It’s a huge step forward in making staking mainstream and accessible via trusted financial rails.
While fast, this C-corp route has its drawbacks. As The Block outlines, C-corporations are subject to corporate tax, meaning some of the staking rewards could be liable for taxation before being realised by shareholders. And while the SEC had no further comment about the fund’s launch, this sparks an intriguing dialogue about the opportunities for innovation in fund compliance with ‘40 Act requirements, especially around asset composition and disclosure.
Ultimately, it's a practical solution that allows for the introduction of staking to the market right now, with exciting opportunities for future enhancements.
Encouragingly, the Osprey ETF may only be the beginning. Bloomberg’s James Seyffart recently noted that grantor trusts, the structure used in today’s spot Bitcoin and Ethereum ETFs, may soon be permitted to include staking. If approved by the IRS, this would allow ETF sponsors to pass staking income directly to shareholders without triggering corporate tax obligations.
This would remove the biggest efficiency drag from staking ETFs and enable more streamlined product designs with broader market appeal.
This shift toward efficiency is being propelled by a wave of pending legislation. Chief among them is the CLARITY Act, introduced in May 2025, which aims to:
Alongside this, other crypto-relevant bills are gaining momentum:
Of course, not all of these bills will become law, but it is clear that the legislative and regulatory environment is increasingly pro-clarity, pro-infrastructure, and pro-innovation. Osprey is the vanguard, but the next generation of staking ETFs will likely be faster, simpler, and more tax-efficient.
Bottom Line: The Osprey SOL + Staking ETF is an exciting breakthrough. It unlocks staking yield for ETF investors using creative structuring and regulatory navigation. Even better, a suite of legislative and tax changes is lining up to make these kinds of products simpler, leaner, and more mainstream. This is how crypto goes institutional.
It is with profound sadness that Chorus One announces the passing of our co-founder, Meher Roy Chowdhury, who left us on June 22. Meher was not only a brilliant mind in the world of technology and blockchain, but also a remarkable leader, dear friend, and an inspiring figure to all who had the privilege of knowing him.
Chorus One’s story commenced with Meher and Brian meeting in Basel in 2014. Meher’s passion for blockchain and keen insights led to his participation on the Epicentre podcast, where his knowledge and brilliance swiftly impressed all.
In 2017, Meher and Brian embarked on a new venture together, founding Chorus One. Reflecting on their time building the company, Brian Crain, CEO of Chorus One stated, “I can confidently say that the best decision I ever made was choosing Meher as my co-founder. His exceptional qualities—brilliance, vision, and unwavering integrity—guided us through both triumphs and challenges. Our partnership was marked by trust and respect, allowing us to navigate disagreements with ease and maintain a strong collaborative spirit.”
Tragically, Meher faced a difficult battle with leukaemia, diagnosed in April 2021. His resilience shone through as he fought valiantly against the disease, even achieving remission. However, the cancer returned in early 2024, leading to intense treatments and a prolonged struggle for recovery.
Meher is survived by his beloved son, Zubin, and his wife, Kiran, whose unwavering support throughout his illness has been a testament to their deep love.
In closing, we express our heartfelt gratitude for the time we shared with Meher. His legacy of compassion, curiosity and integrity will forever influence our work and the lives of those he touched.
Thank you, Meher, for your brilliance, your kindness, and your friendship. You will be deeply missed by all at Chorus One.
Ledger, the world leader in digital assetsecurity, and Chorus One, a leading global staking provider and node operator, are deepening their long-standing partnership by bringing Chorus One’s MEV-optimized Ethereum staking solution — the MEV Max Vault (MEV Max) — directly to users of Ledger Live. This latest integration represents a continued commitment from both partners to deliver secure, high-performance staking access within one of the most trusted platforms in the industry. Users can now access Chorus One’s optimized ETH staking solutions, all without everleaving the Ledger Live app.
With more than 7 million Ledger devices sold globally and over 20% of the world’s crypto assets secured, the introduction of MEV Max opens the flood gates for a significant portion of the crypto community to begin enhancing their ETH staking experience.
With this integration, Ledger Live users can stake ETH directly to Chorus One’s MEV Max via the "Earn" and"Discover" sections — all without leaving the Ledger Live environment. Users will now be able to stake and unstake their ETH using a seamless, embedded interface powered by Chorus One’s intuitive UI.
“It’s now on us to create products and services that are seamless and intuitive,” said Brian Crain, CEO of Chorus One. “What we’re doing with Ledger is a major step toward that vision.”
Upon launch, staking and unstaking will be the primary features available — but this is just the beginning. Chorus One and Ledger are already exploring the introduction of additional features, including the minting of osETH (a liquid staking token used to power re-staking and enable DeFi participation), looped staking, and more — unlocking further potential for ETH holders seeking to optimize their assets.
MEV Max is a pooled ETH staking solution engineered to maximize rewards through a blend of advanced infrastructure, proprietary research, and custom-built technology.
Key benefits include:
● Research & Optimization Strategies –Chorus One works closely with Block builders on Ethereum to propose the mostvaluable blocks and returns for stakers.
● Higher TVL, Higher Performance: A large and growing pool of stakers contributes to more block proposals, increasing both consistency and performance.
● Chorus-Managed Roadmap: Backed by industry-leading research and engineering, Chorus excels in validator performance, returns, and optimization strategies that ensure MEV Max remains cutting-edge.
Chorus One’s MEV Max is engineered to deliver some of the best yields available in the market — often out performing the existing ETH APYs range of 3.04% to 3.52%. Notably, MEV Max captured two highly profitable blocks this year, garnering 159.9 and 134 ETH respectively. To learn more, click here.
The integration of MEV Max into Ledger Live represents more than just an expansion of staking options — it’s a major step toward transforming what has historically been a fragmented ecosystem. By embedding advanced staking solutions directly into a trusted, user-friendly wallet experience, Chorus One and Ledger are streamlining the crypto user journey into a single, unified financial hub. This collaboration brings the power of Ethereum staking, DeFi, and restaking tools to a wider audience, removing complexity and creating intuitive pathways for users to unlock the full potential of blockchain technology.
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Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 60 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others. Since 2018, we’ve been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures. As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter),and Telegram.
Celebrating its 10-year anniversary in 2024, Ledger is the world leader in digital asset security for consumers and enterprises. Ledger offers connected devices and platforms, with more than 7M devices soldto consumers in 180 countries and 10+ languages. Over 20% of the world’s crypto assets are secured by Ledger. Ledger Donjon, its elite internal security team, plays a crucial role in protecting users in an increasingly complex Web3 world. Ledger Live enables secure self-custody and seamless access to crypto services including trading, DeFi, and staking.
Chorus One and Ledger are taking Ethereum staking to the next level. With the latest integration of Chorus One’s MEV Max Vault, millions of Ledger Live users now have direct access to a performance-optimized ETH staking experience — without ever leaving their Ledger app.
✅ Stake ETH directly in Ledger Live via Chorus One’s MEV Max Vault
✅ Seamless, secure access — no external platforms required
✅ Enjoy MEV-optimized rewards through Chorus One’s advanced infrastructure
✅ Future roadmap includes osETH liquid staking, looped staking, and more
Ledger — the world’s leading digital asset security company — and Chorus One — a global staking powerhouse — are deepening their partnership to embed smarter ETH staking directly into Ledger Live. This means users can now stake and unstake ETH with Chorus One’s MEV Max Vault through the “Earn” and “Discover” tabs in Ledger Live, bringing unprecedented convenience and performance into a single interface.
With over 7 million Ledger devices sold globally and 20%+ of the world’s crypto assets secured by Ledger, this collaboration opens a gateway for a massive portion of the crypto community to take their staking to the next level.
“It’s now on us to create products and services that are seamless and intuitive,” said Brian Crain, CEO of Chorus One. “What we’re doing with Ledger is a major step toward that vision.”
The MEV Max Vault is Chorus One’s pooled ETH staking solution, purpose-built to maximize validator rewards through cutting-edge infrastructure and research-driven engineering.
In real-world performance, MEV Max often outpaces the average Ethereum staking APY (typically between 3.04%–3.52%). Notably, MEV Max captured two highly profitable blocks this year, garnering 159.9 and 134 ETH respectively. To learn more, click here.
At launch, users can stake and unstake directly in Ledger Live. But Chorus One and Ledger have much more in store:
These tools will bring advanced staking mechanics into everyday use — all from within the comfort of Ledger Live.
This integration is more than another staking feature, it’s a major leap toward simplifying and unifying the blockchain experience.
By embedding smart staking tools into Ledger’s secure interface, Chorus One and Ledger are shaping a unified financial hub for the next generation of crypto users. The days of toggling between apps and interfaces are fading. Now, staking, restaking, and DeFi can all live under one roof — trusted, seamless, and high-performing.
Access MEV Max directly through Ledger Live and put your ETH to work with the performance and security you deserve.
Utila, the secure, all‑in‑one digital asset operations platform for institutions, has integrated support for Chorus One, one of the world’s leading staking providers operating across multiple Proof‑of‑Stake networks, including Ethereum, Solana, TON, Sui, and Aptos. The integration enables institutional users on Utila to stake digital assets directly within the platform—leveraging Chorus One’s secure, battle-tested infrastructure.
“Our mission is to make institutional digital asset operations secure, scalable, and simple,” said Bentzi Rabi, Co‑Founder & CEO of Utila. “With Chorus One now part of our staking suite, institutions can now benefit from industry‑leading staking infrastructure across even more networks—reinforcing our commitment to delivering the most robust and flexible staking experience available.”
“We’re excited to partner with Utila to make secure staking more accessible to institutions. Since 2018, Chorus One has pioneered secure staking infrastructure across diverse PoS networks,” said Brian Crain, Co‑Founder & CEO of Chorus One. “Our integration with Utila allows institutional users to access our trusted staking infrastructure seamlessly—within a unified platform that combines custody, compliance, and performance.”
The integration is now live and available to all Utila and Chorus One customers.
Chorus One is a leading institutional staking provider, securing digital assets across 40+ Proof‑of‑Stake networks including Ethereum, Solana, Cosmos, and Avalanche.
Since 2018, Chorus One has offered secure infrastructure, validator services, research, and tailored staking solutions. The company also operates OPUS—an ETH staking product—and Chorus One Ventures, a $30 million investment fund supporting innovative PoS and interoperability projects.
Learn more at https://chorus.one
Utila is the secure, all-in-one digital asset operations platform for institutions. Utila enables organizations of all sizes to securely manage and build on digital assets.
Utila offers secure MPC wallets, granular policy controls, robust APIs, payments and tokenization engine, and integrations with banking, AML, exchanges, DeFi, and more. Trusted by industry leaders, Utila processes over $8B monthly and has secured $35B+ in transactions—growing rapidly.
Learn more at https://utila.io
Cactus Custody (“Cactus”), the qualified institutional custodian brand under Matrixport, has selected Chorus One (“Chorus”), a leading global staking provider and node operator, to strengthen its institutional staking offerings. Through this strategic partnership, Cactus Link—Cactus' proprietary multi-chain wallet extension—will be able to access Chorus’ ETH staking dApp (ETH Vaults), which hosts various Ethereum staking and restaking products, enabling seamless and intuitive access to optimized ETH rewards.
Serving over 300 institutional clients across the Asia-Pacific (APAC) region, and safeguarding more than $10 billion in digital assets, Cactus is dedicated to providing secure, transparent, and efficient institutional custodial services tailored for the digital era. This collaboration is part of a shared vision to meet the increasing institutional demand for innovative, compliant blockchain solutions, in particular for staking.
Historically, staking and restaking digital assets required significant manual oversight and coordination across multiple platforms—a lucrative yet cumbersome endeavor. Enabling access to ETH Vaults for Cactus Link users transforms this process, allowing institutions to effortlessly deploy capital to earn ETH-based rewards.
While the blockchain industry has consistently introduced groundbreaking financial products, intuitive user experiences have often lagged behind. Embedding advanced solutions directly within wallet and custody environments like Cactus Link provides institutions a strategically attractive, efficient gateway for reward optimization and broader digital asset engagement.
Through this integration, Cactus Link users can seamlessly connect to ETH Vaults, just as they would with other browser extension wallets such as MetaMask. From here, they will gain access to Chorus’ ETH Vaults solutions: MEV Max and Obol.
Connecting to ETH Vaults:
MEV Max
The MEV Max Vault (MEV Max) is an ETH staking solution designed for pooled staking. A first-to-market product, MEV Max introduces several benefits to Cactus users, including:
Obol
The Obol Vault (Obol DV) runs on Obol DVT, giving stakers the opportunity to earn ETH staking rewards, MEV rewards, as well as additional incentives paid in OBOL tokens through the recently launched Obol Incentive Program, while enjoying the enhanced decentralization and security of decentralized validator technology.
Liquid Staking & Future Developments
Both MEV Max and Obol DV give Cactus users the option to mint osETH, a liquid staking token that can be used for restaking and/or DeFi activations such as Chorus’ looped staking solution, “Boost”. Boost allows stakers to increase their staking rewards - with boosted stakers doubling their rewards in some cases, through the use of Aave. For more information on Boost, please visit here to learn more.
Following the integration of ETH Vaults, later this month, there are plans to integrate Cactus Link on Chorus’ Solana staking DApp, further enhancing the sophisticated staking offerings available via Cactus Link. Chorus boasts a storied history within the Solana ecosystem, with ties going back as far as pre-launch testnets, and sustained involvement since, including: operating a genesis validator, a key innovator in MEV solutions, and a longstanding community contributor.
“The industry has talked about institutional adoption for years—but now we can confidently say it's here,” said Brian Crain, Chorus One CEO. “We’re seeing not just a massive influx of capital, but also sophisticated investors demanding powerful products alongside secure, intuitive user experiences for staking. Working with Cactus, we look forward to further developing this unified financial hub in the APAC region and making Ethereum and Solana staking easily accessible to institutions.”
Timothy Tan, Head of Sales and Partnerships of Cactus Custody, added, "At Cactus Custody, we're committed to bridging the gap between institutional-grade security and the dynamic opportunities of blockchain technology. Partnering with Chorus One empowers our clients with seamless access to trusted staking solutions through Cactus Link, transforming complex reward generation into a streamlined, secure, and intuitive experience."
Cactus and Chorus have developed an ambitious integration roadmap, furthering the build-out of a comprehensive hub for reward-optimization products. The integration of additional products with Cactus Link looks to set a new standard for both institutional and retail products, wherein users can seamlessly navigate multiple offerings with just a few clicks. Stay tuned for more updates!
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Founded by Jihan Wu, Cactus Custody offers institutional digital asset custody. ISO-certified and a licensed Hong Kong Trust Company (Licence No. TC006789) with a temporary exemption from the Monetary Authority of Singapore, it meets regulatory capital requirements and complies with strict anti-money laundering and counter-terrorist financing rules.
Using advanced security, Cactus Custody secures billions in assets across hot and cold storage for over 300 institutions, including leading mining companies, pools, funds, asset management platforms, and OTC traders.
Cactus Link, Cactus's multi-chain wallet extension, enables institutional DeFi on EVM and non-EVM chains, supporting nearly 30 blockchains like Ethereum, Solana, Bitcoin, and Cosmos. Users can stake effortlessly without mnemonic phrases through a browser plugin. With features like transaction pre-validation, staking address verification, multi-level approvals, hardware signature checks, Taproot whitelisting, and auditor Ukey protection, Cactus Link ensures top security, unlocking DeFi and Web3 with confidence.
Learn more about Cactus Link at https://www.mycactus.com/defi-connector
Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 50 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others. Since 2018, we have been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures. As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter), and Telegram.
As crypto readies for its next market cycle, The Open Network (TON) has emerged as a breakout Layer 1. With Telegram’s billion-strong user base and a rapidly expanding ecosystem, TON is a cultural and technical force, staking its claim in the new era of blockchain innovation.
But while user adoption accelerates, staking infrastructure lags behind, impacting capital efficiency and limiting engagement from institutional players.
That’s where Chorus One ("Chorus") comes in.
Earlier this year, Chorus launched TON Pool—a fully-audited, MiCA-aligned, and highly scalable staking solution, purpose-built for institutions.
While many are still finding their footing in TON’s rapidly-growing ecosystem, TON Pool is live, operational, and set to drive the next wave of institutional adoption on the Open Network.
Despite TON’s strong fundamentals, staking continues to pose significant barriers for enterprises, custodians, and funds.
These constraints leave a massive opportunity on the table: secure, scalable staking infrastructure with the ability to support institutional requirements.
Enter TON Pool.
TON Pool eliminates the friction that once defined, and hindered, staking on TON—bringing together compliance-first architecture, performance optimization, and developer-ready integrations. Here’s what sets it apart:
MiCA-Aligned Compliance
Unlike LST-based alternatives, TON Pool enables pure delegation—avoiding tokenized representations entirely. This structure aligns with the EU’s MiCA regulation and emerging compliance standards worldwide.
Audited and Verified
All smart contracts are fully audited by Spearbit, with ongoing optimizations aimed at maximizing annualized staking returns (ARR).
Scalable by Design
SDK & API Integration
With a native SDK and API, TON Pool can be embedded directly into wallets, custodians, and exchanges—offering staking as a seamless, on-platform experience.
Live & Ready to Go
TON Pool is live, and set to integrate with regulated partners, including custodians, exchanges, and asset managers.
One of Chorus’ main focuses has been to work alongside regulators to ensure alignment, and establish best practices. Earlier this year, Chorus One led TON staking workshops with key stakeholders in the United Arab Emirates, including a presentation to the Global Blockchain Congress in Dubai. The goal: building staking infrastructure that anticipates regulatory evolution rather than trying to retrofit around it.
This proactive engagement has directly informed TON Pool’s architecture, ensuring it doesn’t just meet today’s compliance expectations, but is positioned to evolve with tomorrow’s.
Interested in learning more? Reach out to staking@chorus.one.
Chorus One stands among the world’s leading staking providers, trusted by institutions, foundations, and protocols since 2018. A pioneer within the staking economy, Chorus One’s research-first approach has made it a household name in leading ecosystems including Ethereum, Solana, and Cosmos. With approximately $1.7 billion in assets staked across 40+ networks, Chorus One builds and operates secure, performant, and regulatory-first infrastructure.
TON Pool is the latest expression of that mission—bringing scalable, compliant staking solutions to TON’s rapidly growing ecosystem. Whether enabling direct delegation or powering white label integrations for custodians, Chorus One is committed to making staking simple, accessible, and institution-ready.
Chorus has made it clear that this is just the beginning, with a robust roadmap outlined over the next few months. Here’s what to look forward to:
To learn more about TON Pool, as well as Chorus’ full suite of staking products, check out the Staking & Institutional Social - Dubai Edition. Chorus’ signature event series returns, co-hosted by KuCoin and FordeFi, on Wednesday, April 30th, 2025 at the auspicious TODA - Theatre of Digital Art, Dubai. Dive into the nuances of the staking economy, network with some of the industry’s brightest, and enjoy a wonderful evening, all against the beautiful backdrop of Dubai during 2049.
Spots are limited. Request to join here!
Proof-of-Stake is evolving: more regulated, more composable, more embedded into the products institutions use every day.
Built for compliance, designed for scale, and already delivering value across the TON ecosystem, TON Pool by Chorus One is the infrastructure layer the next phase of crypto needs.
Ready for the next phase of TON Staking?
👉 [Register Now]
We’re excited to announce a strategic collaboration with Ledger, a global leader in hardware wallet security. This collaboration empowers Solana (SOL) holders to stake their tokens securely via Ledger’s trusted hardware wallets while leveraging the high-performance, enterprise-grade infrastructure of our validator services.
This partnership represents a commitment to enhancing user security, simplifying staking experiences, improving network diversification, and delivering superior results for Solana stakeholders.
The integration of Ledger’s technology with our validator infrastructure delivers several benefits:
Chorus One has been an integral part of the Solana ecosystem since its inception, contributing not only as a high-performing validator but also as a thought leader and innovator in blockchain research and operations.
1. Superior validator performance
Learn more about our Solana validator performance: https://chorus.one/articles/metrics-that-matter
2. MEV expertise and innovation
3. Cutting-edge research and insights
We’ve published extensively on Solana’s architecture and performance:
4. Infrastructure excellence
Our validators are deployed with enterprise-grade hardware in geographically distributed data centers. Strategic location selection maximizes connectivity and performance. Key features include:
5. Solana ecosystem engagement
Staking your SOL with Chorus One through Ledger is simple and secure:
As one of the largest institutional staking providers globally, we’re proud to offer secure, innovative, and efficient staking solutions for Solana and beyond. For further insights into Chorus One’s work in the Solana ecosystem, explore our research articles or follow us on Twitter.
Chorus One is one of the largest institutional staking providers globally, operating infrastructure for over 60 Proof-of-Stake (PoS) networks, including Ethereum, Cosmos, Solana, Avalanche, Near, and others. Since 2018, we have been at the forefront of the PoS industry, offering easy-to-use, enterprise-grade staking solutions, conducting industry-leading research, and investing in innovative protocols through Chorus One Ventures. As an ISO 27001 certified provider, Chorus One also offers slashing and double-signing insurance to its institutional clients. For more information, visit chorus.one or follow us on LinkedIn, X (formerly Twitter), and Telegram.
