A new crypto ETF filing could soon bring Binance’s native token, BNB, to American markets.
REX Shares, in partnership with Osprey Funds, has submitted an N-1A registration statement with the Securities and Exchange Commission (SEC) for a spot BNB exchange-traded fund that incorporates staking.
If approved, the fund would trade on Cboe BZX Exchange and hold BNB in custody with a crypto custodian, while delegating staking to third-party validators. A substantial portion of the ETF’s holdings would be staked on BNB Chain to generate rewards for investors, though the fund would process share creations and redemptions in cash. It may also use liquid staking protocols to provide both yield and liquidity.
BNB underpins the BNB Chain, serving as the network’s utility token for paying fees, securing the chain, and participating in governance. While the filing highlights Binance’s continued influence over validator operations, the ETF structure is designed to limit illiquidity risk by keeping no more than 15% of assets locked during BNB’s seven-day unbonding period.
The proposal follows the path REX and Osprey used earlier this year with their Solana staking ETF, which launched under the Investment Company Act of 1940 rather than the traditional ’33 Act route used for Bitcoin and Ethereum ETFs. Bloomberg analyst James Seyffart suggested that the BNB fund could debut as early as November 9 if it receives approval through this faster regulatory track.
The filing comes as asset managers race to bring more tokens into regulated investment vehicles. Bitwise, Grayscale, Franklin Templeton, and VanEck all have pending applications for spot ETFs tied to XRP, Solana, Dogecoin, Cardano, Avalanche, Hedera, Litecoin, and Polkadot.
While REX-Osprey’s Solana ETF has drawn modest inflows of $161.7 million since launch — small compared to the billions pouring into Bitcoin and Ethereum ETFs — the BNB product could test investor appetite for staking-based funds tied to alternative blockchains.
If approved, the BNB ETF would mark another milestone in the expansion of U.S. crypto ETFs, further signaling the SEC’s evolving stance under the Trump administration’s pro-crypto policies.
