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New ETF Deposits for TRUMP and Dogecoin
Rex Shares and Osprey Funds are seeking approval from the new U.S. Securities and Exchange Commission administration for several crypto ETFs, including the first funds for Trump’s official coin.
The companies submitted a registration statement for seven separate funds per day after President Trump officially took office and just five days after the grand launch of the TRUMP token. The deposits, if approved, will become the first coin ETFs in the United States.
Tuesday’s filings also included proposals for a Bitcoin (BTC), Ethereum (ETH), Solana (SOL) ETF, Dogecoin (DOGE) ETF, and Bonk (BONK) ETF. These ETFs are designed to directly hold spot cryptocurrencies, as well as associated financial derivatives.
“The Fund, under normal market conditions, invests at least 80% of its net assets (plus any borrowing for investment purposes) in the Reference Asset and other assets which provide exposure to the Asset of reference”, indicates the file.
& nbspIt’s worth noting that these products were filed under the Investment Company Act of 1940, like cryptocurrency futures ETFs, said Bloomberg analyst James Seyffart. observed in an X post.
“They will own a combination of derivatives, assets and a Cayman Islands subsidiary that will hold the assets,” Seyffart argued. “It sounds like a playbook that issuers use in the commodity ETF world to avoid K-1s, but I don’t know.”
Eric Balchunas, analyst at Bloomberg, suggested that REX is not just a random issuer, noting that its CEO was “one of the industry’s early pioneers” with decades of experience.
Gensler Exit Sparks Wave of Crypto ETF Applications
Last year, asset managers submitted a series of regulatory filings to introduce ETFs holding altcoins, including GROUND, XRPAnd Litecoinamong others.
All of these filings reflect the crypto industry’s expectations that the new Trump administration will be more friendly to digital assets. Trump, who promised to make the United States the crypto capital of the world, exploited pro-crypto Mark Uyeda will temporarily take over as head of the SEC after Gensler’s departure.
While the green light for these ETFs remains uncertain, it speaks to investment managers’ continued efforts to promote new crypto-based products for U.S. investors.
The big question now is: will the SEC reject an ETF based on the president’s (their boss) meme token? It will be fascinating to see how this plays out.