REX Shares and Osprey Funds have submitted applications to the US SEC, planning to launch Ethereum and Solana collateralized ETFs

According to The Block, REX Shares and Osprey Funds have submitted applications to the US Securities and Exchange Commission (SEC) to launch Ethereum and Solana collateralized ETFs. The new ETH and SOL funds will invest at least 80% of their net assets in their respective reference assets, namely ETH and SOL. Each fund will also invest "at least 50% of its holdings" in these cryptocurrencies. These funds will operate as "ordinary C companies" to cope with US federal income tax, rather than as "regulated investment companies" like spot Bitcoin and Ethereum ETFs.