Osprey Funds and Rex Shares have filed with the U.S. Securities and Exchange Commission (SEC) to launch several new cryptocurrency exchange-traded funds (ETFs).
Osprey Funds and Rex Shares have filed with the U.S. Securities and Exchange Commission (SEC) to launch several new cryptocurrency exchange-traded funds (ETFs), including one based on the newly launched TRUMP coin. Made public on Jan. 21, 2025, the filing also includes ETFs for major cryptocurrencies like Bitcoin, Ethereum, Solana and XRP, as well as memecoins Dogecoin and Bonk.
The TRUMP coin, which debuted on Jan. 18, was created by an entity linked to Donald Trump. Within 24 hours, the coin reached a fully diluted valuation of $80 billion, before settling at around $42 billion. The coin’s rapid rise and subsequent decline have drawn attention due to its political ties and speculative nature. During its launch, Solana, the blockchain platform hosting the coin, faced significant congestion due to increased trading volume.
The proposed TRUMP ETF would be the first of its kind to offer institutional investors exposure to the memecoin. The filing states that the fund will allocate at least 80% of its net assets to TRUMP coin and related financial derivatives. Despite the volatility of memecoins like TRUMP, known for wild price swings, such investments could give institutional investors a structured way to engage with emerging digital assets.
In addition to TRUMP, the filing includes proposals for ETFs based on Dogecoin, Bonk, and well-established cryptocurrencies like Bitcoin and Ethereum. These funds would invest in spot cryptocurrencies and related financial instruments. While this marks a growing trend of cryptocurrency ETFs, regulatory approval is still uncertain. The SEC’s previous caution in approving cryptocurrency ETFs under former leadership raised concerns, but President Trump’s statements about turning the U.S. into the "crypto capital" may lead to a more favorable regulatory environment under new leadership.
The filings by Osprey Funds and Rex Shares are part of a broader trend. They join a list of over a dozen proposed cryptocurrency ETFs awaiting SEC approval. While some, like Bitcoin and Ethereum ETFs, have already received approval, the proposed memecoin ETFs, such as TRUMP, still face a regulatory challenge. It remains to be seen whether these funds will be approved, as the SEC continues to evaluate the risks and potential market impact of such products.
As the market for cryptocurrency-based financial products grows, the outcome of these filings will reveal how far the SEC’s new approach to crypto regulation will go. The TRUMP coin and similar memecoins have proven to be highly volatile, which could pose challenges for investors and regulators alike.
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