REX Shares and Osprey Funds have submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) for a new exchange-traded fund offering exposure to Binance Coin (BNB). The proposed fund, named the REX-Osprey BNB + Staking ETF, aims to combine spot BNB holdings with staking income, using the same structure applied in the firm’s recently launched Solana ETF.
Like the Solana product, the BNB ETF is filed under the Investment Company Act of 1940 and structured as a C-corporation. This approach allows staking rewards to be treated as dividend income and avoids the 19b-4 rule-change process that has delayed other crypto ETF applications.
Read also: Solana Staking ETF to Launch on Wednesday After Approval
Staking and Asset Allocation
The ETF would allocate at least 80% of its net assets to BNB, with most of those assets expected to be staked. This includes both direct delegation through validators and indirect exposure via liquid staking protocols. Up to 20% of the fund may be invested in other BNB-related exchange-traded products, such as the 21Shares BNB ETP and another planned REX-Osprey offering.
Digital asset custody will be handled by Anchorage Digital Bank, while U.S. Bank will act as custodian for any traditional assets. Shares of the ETF will be issued and redeemed exclusively in cash, rather than through in-kind transfers.
Timeline and Regulatory Outlook
If approved, the ETF could begin trading as early as November 9, 2025. The structure used mirrors that of the Solana staking ETF, which launched in July following informal SEC clearance. However, BNB’s validator concentration and its historical ties to Binance may prompt further scrutiny from regulators.
