Rex Moves to Cut Tax Drag on Solana Fund as Spot ETFs Near Approval

• Rex Solana ETF shifts to RIC structure, removing tax drag to compete with spot ETFs.
• SEC filings show Solana spot ETFs near approval after third amendments submitted.
• REX-Osprey files for first U.S. BNB staking ETF amid broader crypto ETF expansion.

The Rex Solana ETF is shifting from a C Corporation to a Registered Investment Company (RIC), a move expected to reshape its cost structure and align it with upcoming spot Solana exchange-traded funds (ETFs). 

The change, first reported by Bloomberg ETF analyst Eric Balchunas, is intended to eliminate the tax drag that currently affects the fund’s performance.

Rex Solana ETF is converting to a Registered Inv Co from a C Corp which should eliminate the tax drag and make it more competitive to the coming tsunami of Solana spot ETFs (all of which just filed 3rd amendments (=virtual lock for approval) today as per ⁦@JSeyff⁩ pic.twitter.com/nQiGtPIIQo

— Eric Balchunas (@EricBalchunas) August 29, 2025

This conversion comes just as spot Solana ETFs are on the verge of approval. As noted by Bloomberg ETF analyst Eric Balchunas, the move positions the Rex fund to compete more effectively on cost once the new s…

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