Asset managers Osprey Funds and REX Shares are seeking to launch exchange-traded funds (ETFs) for memecoins including Dogecoin (DOGE), Official Trump (TRUMP) and Bonk (BONK), according to a Jan. 21 regulatory filing.
The filing also proposed ETFs for Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP (XRP). The ETFs are designed to directly hold spot cryptocurrencies as well as related financial derivatives.
“The Fund, under normal market conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Reference Asset and other assets that provide exposure to the Reference Asset,” the filing said.
The REX-Osprey TRUMP ETF would be the first ETF to hold TRUMP, a memecoin endorsed by US President Donald Trump and issued on Jan. 18 by a Trump-affiliated entity.
Osprey and Rex filed for several new crypto ETFs. Source: SEC
Related: REX launches crypto stock income ETF
TRUMP memecoin
Trump’s eponymous token briefly broke $80 billion in fully-diluted value (FDV) within a day of launching on Jan. 18. The memecoin trades at an FDV of around $42 billion as of Jan. 21.
The TRUMP launch sparked a frenzy among investors, bringing so much activity to Solana that the network suffered bouts of congestion for days.
Moonshot, the platform Trump pointed his followers to for purchasing the memecoin, reported more than 200,000 new onchain users since the token launched.
Crypto ETFs
US regulators are anticipated to soften their stance on crypto oversight after Trump — who has promised to turn the US into the “world’s crypto capital” — prevailed in the US elections.
Now, more than a dozen proposed cryptocurrency ETFs are anticipating a green light from regulators.
In 2024, asset managers submitted a flurry of regulatory filings to list ETFs holding altcoins, including SOL, XRP and Litecoin (LTC), among others.
Issuers are also awaiting approval for several planned crypto index ETFs designed to hold diverse baskets of digital tokens.
Rex Shares has previously launched other crypto-related ETFs, including T-REX 2X Long MSTR Daily Target ETF (MSTU), which aims to offer 2x leveraged exposure to frequent BTC buyer MicroStrategy.
Magazine: Trump’s Bitcoin policy lashed in China, deepfake scammers busted: Asia Express
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