Asset management firm REX Shares has filed multiple applications with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds (ETFs) centered around popular cryptocurrencies and meme tokens. Collaborating with Osprey Funds, REX Shares has included XRP, SOL, DOGE, and BONK in its recent filings.
Rex Shares’ Major Crypto ETF Filings
Details of the filing, disclosed under Form S-1, reveal the intent to provide institutional investors access to these digital assets. Additionally, the firm has submitted proposals for ETFs focused on Bitcoin, Ethereum, and a new token named TRUMP. This represents a notable move within the industry, particularly as it marks one of the first instances of meme-based tokens like DOGE, BONK, and TRUMP being included in ETF applications.
These filings coincide with significant leadership changes at the SEC. Commissioner Mark Uyeda has been named acting chair following the resignation of Gary Gensler. The timing aligns with Donald Trump’s inauguration as U.S. President, whose crypto-friendly stance has seemingly encouraged asset managers to proceed with applications under the updated regulatory environment.
Wow. That was fast. @REXShares and Osprey have filed for a bunch of crypto ETFs including memecoins TRUMP, BONK, and DOGE.
Also includes ETFs for Bitcoin, Ether, Solana, and XRP. pic.twitter.com/A4FzTdaBOj
— James Seyffart (@JSeyff) January 21, 2025
Market observers have noted the growing interest in XRP and SOL ETFs, with four companies submitting applications for an XRP ETF and five filing for a SOL-focused ETF. Meanwhile, REX Shares’ filings involving DOGE, BONK, and TRUMP ETFs appear to be unprecedented.
Analyst Comments On Latest ETF Applications
James Seyffart, an analyst with Bloomberg, shared observations about these ETF filings in a recent post on X. He highlighted that the ETFs, structured under the Investment Company Act of 1940, would use a mix of spot holdings and derivatives. According to Seyffart, the fund structure includes a Cayman Islands subsidiary to manage asset holdings in trust, a design resembling strategies employed by commodity ETFs to simplify tax reporting and avoid K-1 forms.
Market reactions varied following the announcement. XRP, SOL, and TRUMP tokens did not see notable price movement. However, DOGE and BONK experienced price gains of 3% and 5%, respectively, suggesting positive sentiment among investors in meme tokens.
This wave of filings underscores a broader trend of increased institutional interest in cryptocurrencies. By incorporating both established and emerging tokens, REX Shares and Osprey appear poised to address evolving market demands.
Also Read: XRP Whales Buy Over 100M Tokens, New ATH Soon?
Source: https://www.cryptonewsz.com/rex-shares-files-xrp-doge-bonk-sol-trump-etf/