- Rex Solana ETF shifts to RIC structure, removing tax drag to compete with spot ETFs.
- SEC filings show Solana spot ETFs near approval after third amendments submitted.
- REX-Osprey files for first U.S. BNB staking ETF amid broader crypto ETF expansion.
The Rex Solana ETF is shifting from a C Corporation to a Registered Investment Company (RIC), a move expected to reshape its cost structure and align it with upcoming spot Solana exchange-traded funds (ETFs).
The change, first reported by Bloomberg ETF analyst Eric Balchunas, is intended to eliminate the tax drag that currently affects the fund’s performance.
This conversion comes just as spot Solana ETFs are on the verge of approval. As noted by Bloomberg ETF analyst Eric Balchunas, the move positions the Rex fund to compete more effectively on cost once the new spot products go live. Issuers submitted their third amendments for spot Solana ETFs this week, a step that industry experts like James Seyffart see as a clear signal that approvals are imminent.
REX Osprey Files for the First-Ever US-Based BNB Staking ETF
The conversion announcement follows another development by REX Shares and Osprey Funds. The two firms have filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for what would be the first BNB staking ETF in the country.
According to the filing, the fund intends to list on the Cboe BZX Exchange and custody its holdings with a crypto custodian.
The proposed fund plans to list on the Cboe BZX Exchange and will stake a large portion of its assets to generate yield for investors. The filing details how the fund will manage validator relationships and handle BNB’s unbonding period to maintain liquidity.
Related: Solana Staking Enters Wall Street: First U.S. ETF SSK Launches With On-Chain Rewards
BNB, the native token of BNB Chain, is central to transaction processing and governance on the network. While the filing points to Binance’s continuing influence, it sets parameters to manage validator relationships and maintain compliance with regulatory standards.
The REX and Osprey filings signal a broader expansion of crypto investment products. Asset managers like Bitwise, Grayscale, Franklin Templeton, and VanEck are all pushing for ETFs linked to a wide range of digital assets.
Related: REX-Osprey Files for Second-Ever BNB Staking ETF, Helps in BNB’s 3% Rebound
With applications in the pipeline for XRP, Dogecoin, Cardano, Avalanche, Hedera, Litecoin, and Polkadot, it’s clear the market is entering a new phase of institutional adoption under a more crypto-friendly regulatory environment in 2025.
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