REX Shares and Osprey Funds have submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund for BNB (BNB-ETF), utilizing the Investment Company Act. This approach allows them to bypass the standard, more lengthy review process that applies to most cryptocurrency ETFs.
This is reported by Finway
Key Features of BNB-ETF and Potential Launch Date
The new product, named REX-Osprey BNB STAKING ETF, is expected to be listed on the Cboe BZX exchange if approved. The application does not specify a custodian or transfer agent, but it is anticipated that the fund will provide investors with direct exposure to BNB—the main token of the BNB Smart Chain (BSC). A significant portion of the assets will be directed towards staking through verified intermediaries, and transactions for issuing and redeeming shares will be conducted exclusively in cash.
The registration application was submitted on the evening of August 26, 2025. According to Bloomberg Intelligence analyst James Seyffart, due to the use of the accelerated procedure, trading of the new ETF could start as early as November 9 or 10, 2025.
“This application for a BNB staking ETF from @REXShares & @OspreyFunds looks like it could go live in early November. Already looking at early November ~9th/10th.”
Exploiting Legal Loopholes and Experience with Solana-ETF
The main advantage of filing under the Investment Company Act of 1940 is the ability to bypass the longer review process under the Securities Act of 1933, which is the standard for most spot cryptocurrency ETFs. REX Shares and Osprey Funds have already leveraged this mechanism during the launch of their own Solana-ETF. The application for the Solana-ETF was submitted in June 2025, and the product began trading on the market by July 2.
In the first two months of operation, the Solana-ETF attracted $161.7 million in investments, which is significantly less compared to spot ETFs for Bitcoin and Ethereum. Furthermore, the companies continue to expand their range of cryptocurrency funds by filing applications to launch ETFs based on other altcoins.