REX ETF News: REX Shares Files for Multiple Crypto ETFs, Including TRUMP, BTC, and ETH
The post REX ETF News: REX Shares Files for Multiple Crypto ETFs, Including TRUMP, BTC, and ETH appeared first on Coinpedia Fintech News
In a latest development, Investment managers Rex Shares and Osprey Funds on Tuesday filed paperwork for several crypto exchange-traded funds (ETFs), including options for XRP, SOL, DOGE, and BONK for institutional investors according to a filing with the SEC.
In a recent X post, Bloomberg analyst Eric Balchunas shared the news. The asset manager filed these applications in collaboration with Osprey. REX Shares has also filed with the SEC to offer Bitcoin and Ethereum ETFs, along with an ETF for the newly launched TRUMP meme coin targeting institutional investors.
“This to me seems like issuers pushing the envelope with a new SEC administration while at the same time trying a novel structure for providing exposure to digital assets in an ETF wrapper,” noted James Seyffart, an ETF analyst at Bloomberg Intelligence.
Bloomberg’s Eric Balchunas reports that REX Shares’ filings show each proposed ETF will invest at least 80% of its assets in a designated reference asset, including Bitcoin, Ethereum, and the TRUMP memecoin. Notably, the analyst described the situation as “surreal.”
How Quickly Can These Be Approved?
The proposed ETF would track the price of TRUMP, a memecoin launched by the President just days before his inauguration. In the past 24 hours, the coin saw nearly $17 billion in trading volume, although it experienced a decline of almost 25% during that time.Despite its rapid growth, TRUMP’s market cap has been volatile, briefly surpassing $15 billion before dropping by nearly $7.8 billion. The filing has not yet impacted the coin’s price.
Under former SEC Chair Gary Gensler, the approval process for cryptocurrency ETFs was cautious, with issuers taking years to secure approval for spot bitcoin (BTC) and spot ethereum (ETH) ETFs. It remains uncertain how quickly recent applications, which include ETFs tracking BONK, XRP, and SOL will be approved.
