Breaking: REX Shares Files For XRP, SOL, DOGE, BONK ETFs
Highlights
- REX Shares and Osprey have filed with the SEC to offer XRP, SOL, DOGE, BONK ETFs
- The application also includes Bitcoin, Ethereum, and TRUMP ETFs.
- Bloomberg analyst James Seyffart provided insights into the filings.
In a recent development, asset manager REX Shares has applied for a flurry of crypto-related exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC). The filing included applications for ETFs that will offer XRP, SOL, DOGE, and BONK to institutional investors.
REX Shares Files For XRP, SOL, DOGE, BONK ETFs
The S-1 filing revealed that REX Shares had filed for XRP, SOL, DOGE, and BONK ETFs with the US SEC. The asset manager filed these applications in collaboration with Osprey.
The asset manager also filed with the SEC to offer Bitcoin and Ethereum ETFs. Interestingly, the filing also contained an application to offer an ETF that will offer the newly launched TRUMP meme coin to institutional investors.
These filings come just after Donald Trump took office and Gary Gensler resigned as the SEC Chair, with Commissioner Mark Uyeda designated as the acting Chair.
Donald Trump’s pro-crypto stance has undoubtedly contributed to the flurry of crypto ETF filings as these asset managers look to be more confident about an approval under this new administration.
Notably, REX Shares’ filing for DOGE, BONK, and TRUMP ETFs is the first of its kind as it relates to meme coins. Meanwhile, four other asset managers have applied to offer an XRP ETF, while five have filed to offer a SOL ETF.
Analyst Gives Insights On These Filings
In an X post, Bloomberg analyst James Seyffart provided insights into these filings. He noted that these ETF products were filed under the 1940 Act like crypto futures ETFs.
According to him, these funds will hold a combination of derivatives and the assets (spot), while a Cayman subsidiary will hold these assets in trust. Seyffart further remarked that this looks to be similar to a playbook issuers use in the commodity ETF world to avoid K-1s.
XRP, SOL, and TRUMP coins failed to react to the news of the filings. On the other hand, the top meme coins, DOGE and BONK, surged over 3% and 5%, respectively, on the back of this development.
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