REX Shares and Osprey Funds have submitted an application to the U.S. Securities and Exchange Commission (SEC) to register the country’s first spot BNB ETF. The new product is named the REX-Osprey BNB STAKING ETF. If approved, its shares will be listed on the Cboe BZX exchange. Details about the custodian and transfer agent in the application have not yet been disclosed.
This is reported by Business • Media
Features of the New BNB ETF and Its Unique Registration Procedure
REX Shares and Osprey Funds plan to provide investors with direct exposure to BNB, the native token of the BNB Smart Chain (BSC). The majority of the fund’s assets will be used for staking through verified intermediaries. As stated in the application, the issuance and redemption of the fund’s shares will occur exclusively in cash.
The companies have utilized a legal loophole and submitted their application under The Investment Company Act of 1940. This approach allows them to bypass the lengthy review process required for most spot cryptocurrency ETFs under the Securities Act of 1933. A similar scheme was used by REX Shares and Osprey Funds to launch their Solana ETF, significantly accelerating the product’s market entry.
Potential Launch of the BNB ETF as Early as November and Experience with the Solana ETF
Bloomberg Intelligence analyst James Seyffart notes that due to the streamlined procedure, the new BNB ETF could hit the market as early as November 9-10, 2025.
“This application for the BNB staking ETF from @REXShares & @OspreyFunds looks like it could go live in early November. Likely around the 9th/10th.”
A similar maneuver was employed by the companies during the launch of the Solana ETF: the application was submitted in June 2025, and the product launched on the market by July 2. In the first two months, the Solana ETF attracted $161.7 million in investments—less than the Bitcoin and Ethereum ETFs, but indicative of growing interest in alternative cryptocurrency funds.
In addition to the BNB and Solana ETFs, REX Shares and Osprey Funds have also submitted applications to launch funds based on other altcoins, including meme coins Trump, Bonk, and Doge, demonstrating their strategy to expand their presence in the digital asset market.