PANews reported on May 31 that according to The block, REX Shares and Osprey Funds submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch Ethereum and Solana pledge ETFs. The new ETH and SOL funds will invest "at least 80% of their net assets in their respective reference assets," namely ETH and SOL. Each fund will also invest "at least 50% of its holdings" in these cryptocurrencies. These funds will operate as "ordinary C companies" to deal with U.S. federal income taxes, rather than as "regulated investment companies" like spot Bitcoin and Ethereum ETFs.