REX-Osprey files for BNB staking ETF after SOL ETF launch

Explore insights within the Altcoins house. This article dives into: “REX-Osprey files for BNB staking ETF after SOL ETF launch”.

Key Takeaways

• REX-Osprey has filed for a BNB staking ETF aiming to take a position a minimum of 80% of property in BNB and associated merchandise.
• The ETF will generate staking rewards and expose buyers to each BNB worth volatility and particular staking dangers.

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ETF supplier REX Financial and asset administration agency Osprey Funds filed paperwork with the US SEC this week for a brand new exchange-traded fund, which might observe the efficiency of BNB, previously generally known as Binance Coin, and generate staking rewards.

The proposed fund, the REX-Osprey BNB + Staking ETF, would make investments a minimum of 80% of property in BNB and BNB-related investments, together with direct holdings of the crypto asset and shares of different ETFs offering BNB publicity, in accordance with a latest SEC submitting.

The ETF will make investments a minimum of 40% of its property in different exchange-traded funds and merchandise, together with non-US ETPs that observe BNB. Initial investments could embrace the 21Shares Binance BNB ETP listed in Switzerland and a deliberate REX-Osprey Binance BNB ETP.

The fund, which can be listed on the Cboe BZX Exchange if authorised, goals to stake its BNB holdings to earn further rewards, topic to a 7-day unbonding interval for staked property.

The utility comes after REX Financial and Osprey Funds debuted their staked Solana ETF in June after resolving SEC feedback.

Named the Rex-Osprey Solana + Staking ETF, the fund holds Solana by a Cayman Islands subsidiary and goals to stake a minimum of 50% of its holdings. The launch marked the primary staked crypto ETF within the US, structured not as a conventional spot ETF however beneath the Investment Company Act and taxed as a C-corporation.

Following the approval of spot Bitcoin and Ethereum ETFs within the US, asset managers at the moment are shifting to broaden their vary of crypto funding merchandise.

In May, VanEck filed with the SEC to launch the primary US-based spot BNB ETF, which might maintain BNB because the underlying asset and probably incorporate staking rewards.

BNB, the fifth-largest digital asset by market capitalization, not too long ago hit a brand new all-time excessive of $899.

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