REX-Osprey first to launch staking Ethereum ETF as BlackRock, Fidelity await SEC
REX Shares and Osprey Funds said Thursday they are launching the first Ethereum staking ETF in the United States.
The exchange-traded fund, ticker symbol ESK, "is the first U.S. fund to provide investors with cost-effective and convenient exposure to spot Ethereum via the 1940 Act ETF structure," according to a statement. "It also delivers the benefits of ETH staking, which allows investors to participate in Ethereum’s proof-of-stake network by receiving monthly distributions."
The launch comes about a couple of weeks after the Securities and Exchange Commission said it needs more time to review applications to allow staking for the Ethereum ETFs issued by BlackRock, Fidelity, and Franklin Templeton. The already listed spot Ethereum ETFs have nearly $25 billion in total assets under management, with BlackRock's ETHA fund the clear leader. BlackRock and its rivals want to add staking rewards to their existing funds.
ESK's launch follows the launch of REX-Osprey's SSK, the "first Solana ETF to offer exposure to spot Solana returns in the U.S. and the first cryptocurrency ETF of any kind in the U.S. to provide distributions related to staking rewards."
The two firms are also responsible for launching the first ETF to track the price of Dogecoin, which launched last week. REX Shares and Osprey Funds followed a different path to compliance than their rivals when they registered the product under the Investment Company Act of 1940, a federal law that regulates investment funds that pool capital from investors to pursue a common investment strategy.
They followed the same playbook with the launch of their Solana and Ethereum staking ETFs.
In August, REX Shares and Osprey Funds filed a registration statement with the SEC in a bid to manage what could be the first spot BNB exchange-traded fund in the U.S., which would also include a staking component.
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