[REX Shares and Osprey Funds Submit Spot BNB ETF Application with Staking Features to the U.S. SEC] According to The Block, on Tuesday, REX Shares and Osprey Funds jointly submitted an N-1A registration statement to the U.S. Securities and Exchange Commission (SEC) with the aim of managing the first U.S. spot BNB ETF that may include staking features. The proposed fund is designed to provide direct exposure to the price of BNB, the native cryptocurrency of the BNB Chain. The ETF will be listed and traded on the Cboe BZX Exchange, with its BNB holdings to be safeguarded by an unnamed cryptocurrency custodian. Staking operations may be delegated to third-party validators, including validators in which REX Advisers affiliates hold nominal equity stakes. The product plans to stake the majority of its BNB holdings, potentially enhancing returns for investors through staking rewards earned on the BNB Chain. The fund will process share subscriptions and redemptions in cash rather than in-kind. However, it may also interact with liquid staking protocols that issue tradable staking derivatives, allowing it to maintain liquidity while earning staking rewards. Bloomberg ETF analyst James Seyffart noted that, based on the expedited alternative pathway used for the approval of the REX-Osprey Solana Staking ETF, the proposed REX-Osprey BNB Staking ETF could be listed as early as November 9.