REX Shares and Osprey Funds updated their SEC filing for a staked SEI ETF, setting October 23 as the effective date for the product. The ETF would offer spot exposure to the Sei blockchain's native token with built-in staking rewards.
The filing comes as multiple asset managers advance cryptocurrency ETF applications across several layer-1 protocols. Osprey and REX have concurrent proposals for staked ETFs tracking NEAR, HYPE, SUI, and Avalanche, each filed separately with the SEC. The Sei filing represents one product in a broader wave of staking-enabled equity offerings that allow US institutional investors to gain crypto exposure within a regulated fund structure.
Sei is a layer-1 blockchain designed for high-frequency trading and gaming applications. The network has secured backing from major venture firms and operates with a delegated proof-of-stake consensus model, making it eligible for staking-based fund products. Staking rewards generated by the ETF would flow to shareholders, adding a yield component to passive token ownership.
REX Shares has filed multiple cryptocurrency ETF applications with the SEC over the past two years, while Osprey Funds has separately pursued spot Bitcoin and Ethereum ETF products. An October 23 effective date would place the Sei ETF launch roughly two months after the filing update, consistent with SEC review timelines for cryptocurrency investment products that follow established guidelines.
The SEC approved the first spot Bitcoin ETF in January 2024 and the first spot Ethereum ETF in July 2024, establishing a regulatory pathway for similar cryptocurrency products. Since those approvals, at least six additional spot Bitcoin ETF applications have been approved, and the agency has begun processing layer-1 token ETF filings more regularly.
Approvals of these Sei, NEAR, HYPE, SUI, and Avalanche ETFs would create at least five new pathways for retail and institutional capital into layer-1 ecosystems through US-regulated vehicles. Combined, these protocols have market capitalizations ranging from $3 billion to over $50 billion, making them material enough to attract institutional fund structures. No Sei staking ETF currently exists in the US market, leaving the space open if SEC approval materializes.
The October 23 date assumes standard SEC review with no material comments or requests for amendment. If REX and Osprey do not receive SEC clearance or a no-action letter by that date, the launch would slip into November or later.
