PANews reported on August 27 that REX Shares and Osprey Funds jointly submitted an N-1A registration statement to the U.S. Securities and Exchange Commission (SEC) on Tuesday, aiming to manage the first potential spot BNB ETF in the United States that may include staking functionality. The proposed fund aims to provide direct exposure to the price of BNB, the native cryptocurrency of the BNB Chain.
This ETF will be listed on the Cboe BZX exchange, and its BNB holdings will be held by an unnamed cryptocurrency custody institution and may entrust staking operations to third-party validators, including validators with nominal equity held by REX Advisers affiliates. The product plans to stake most of its BNB holdings and may enhance returns for investors through staking rewards obtained on the BNB Chain. The fund will handle share subscriptions and redemptions in cash rather than in physical form. However, it may also interact with liquid staking agreements that issue tradable staking derivatives to obtain staking rewards while maintaining liquidity. Bloomberg ETF analyst James Seyffart stated that, based on the fast-track alternative route used for the approval of the REX-Osprey Solana staking ETF, the proposed REX-Osprey BNB staking ETF could be listed as early as November 9.
