Binance Coin Rebounds After REX-Osprey Filed for BNB Staking ETF

Binance Coin ($BNB) price rebounded on Tuesday on news of the REX-Osprey $BNB staking ETF application. $BNB price gained 2.5 percent from today’s intraday low to trade at about $861 during the late North American session.

The large-cap altcoin, with a fully diluted valuation of about $120 billion, recently reached a new all-time high of above $899. The $BNB’s bullish sentiment followed its rising Open Interest (OI), which has surged to a peak of above $1.67 billion in the past few days.

$BNB ETF Applications Signals Rising Institutional Demand

The apparent demand for $BNB by institutional investors has gradually grown in the recent past. The REX filing for spot $BNB staking ETF follows a similar move by VanEck, which filed earlier this year.

Meanwhile, more institutional investors are adopting $BNB as a tool for treasury management akin to Bitcoin and Ethereum. For instance, $BNB Network Company (tBNC) raised $500 million via a PIPE offering to fund its $BNB treasury strategy.

U.S.-listed biotech firm Windtree Therapeutics secured a $500 million equity line of credit and a $20 million stock purchase agreement to fund its $BNB treasury project. Additionally, Nano Lab, a Hong Kong–based Web3 infrastructure provider Initiated a $500 million convertible note offering, aiming to purchase up to $1 billion in $BNB, with a long-term goal of holding 5–10% of total supply

Market Implications

The filing of the REX – Osprey $BNB staking ETF I has coincided with a similar move by other fund managers. Moreover, fund managers are rushing to have the U.S. SEC approve their spot altcoin ETFs amid ongoing crypto regulatory clarity.

The notable demand for $BNB by institutional investors will have a tangible impact on the ongoing crypto bull run. Moreover, $BNB has a fixed supply, and the Binance exchange has facilitated quarterly burns, thus further exaggerating the demand vs supply shock.